ITHACA, N.Y. — The Ithaca Arthaus project, a nearly $29 million, 124-unit project at 130 Cherry St. in Ithaca, should be finished later this month or in early October.
Arthaus’ five-story building will offer affordable apartments available to artists, at-risk youth, and the community at-large, Ithaca Area Economic Development (IAED) said. Eligible residents must earn between 50 percent and 80 percent of the area median income.
Ithaca Area Economic Development is a private, nonprofit economic-development organization serving Ithaca and Tompkins County.
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The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
Arthaus’ developer — the Vecino Group of Springfield, Missouri, which has a regional office in Ithaca — partnered with Tompkins Community Action to include 40 units of supportive housing dedicated to youth formerly in foster care and homeless people ages 18-25.
The building will have an on-site gallery space, as well as space for supportive services, a community room, fitness room, indoor bike storage and a flexible gathering/workspace. The apartments will be a mix of studio, one- and two-bedroom units.
“Tompkins County and the City of Ithaca face an ongoing shortage of affordable housing units,” Heather McDaniel, president of Ithaca Area Economic Development, said. “IAED and the TCIDA are thrilled to support innovative projects like Arthaus that move us one step closer to filling the gap between demand and availability while also enhancing our downtown and our local community.”
In addition to housing options, Arthaus will also provide access to the waterfront trail, Wegmans, and many other downtown businesses and services, IAED said.
