ITHACA, N.Y. — Gov. Kathy Hochul recently announced that work has begun on a new $96 million affordable-housing development and conference center in downtown Ithaca. Dubbed Asteri Ithaca, the project will be constructed on the western portion of the Green Street Parking Garage, which will be demolished as part of this urban-renewal project. The highly […]
ITHACA, N.Y. — Gov. Kathy Hochul recently announced that work has begun on a new $96 million affordable-housing development and conference center in downtown Ithaca.
Dubbed Asteri Ithaca, the project will be constructed on the western portion of the Green Street Parking Garage, which will be demolished as part of this urban-renewal project. The highly energy-efficient, all-electric building will feature 181 affordable apartments with 40 homes reserved for people in need of supportive services to live independently, the governor’s office said in late September.
The Ithaca Urban Renewal Agency released a request for proposals in 2017 for an urban-renewal project to renovate the Green Street Parking Garage. The project consists of three portions: affordable housing, a conference center, and the Green Street Parking Garage’s renovation and construction. All three components are being financed separately.
The affordable apartments and 55,000-square-foot conference center will occupy the same 12-story building. The $62 million residential portion on the top nine floors will include 78 studio, 87 one-bedroom, eight two-bedroom, and eight three-bedroom apartments. Rents are structured to be affordable to households earning up to 80 percent or less of the area median income, per the governor’s office.
Forty apartments are reserved for people in need of supportive services. They will benefit from an Empire State Supportive Housing Initiative (ESSHI) grant to Tompkins Community Action, Inc., which will be administered by the Office of Temporary and Disability Assistance (OTDA).
All residents of the development will be provided with free internet service, with each unit hard-wired for 5G access, including routers for Wi-Fi. amenities will include a 12th-floor sky terrace, outdoor space, and a fourth-floor fitness center and community room. Residents will also have access to a common laundry room on every other floor, and indoor bike storage on the ground floor.
The eastern portion of the Green Street Parking Garage will be renovated and expanded to include 350 parking spaces, with spots available for building residents to lease.
Located at 118 East Green St., Asteri Ithaca is within walking distance of the Ithaca Commons, City Hall, restaurants, shops, medical offices, and professional offices.
State funding for the $62 million residential portion of the Asteri Ithaca includes $11 million in permanent tax-exempt bonds, federal low-income housing tax credits that will generate $26.3 million in equity and $19.8 million in subsidies from New York State Homes and Community Renewal (HCR). NYSERDA will provide $550,000 in support. Empire State Development (ESD) is also supporting the Conference Center with $5 million through a Regional Council Capital Grant.
Asteri Ithaca’s developer is the Vecino Group. The City of Ithaca, Tompkins County, the Tompkins County Industrial Development Agency, and the Downtown Ithaca Alliance are providing “significant financial support” for the conference center and renovation of the remaining portion of the garage, the governor’s office said.
