Nominated by: Humphreys & Partners Architects
Location: Ithaca, N.Y.
Developer: Newman Development Group
Architect: Humphreys & Partners Architects
General Contractor: Purcell Construction
Photographer: Tsutsumida Pictures
Interior Designer: RD Jones + Associates
Project Website: City Centre
Delivered in the summer of 2019 and located in the heart of downtown Ithaca, N.Y., just minutes south of the prestigious Cornell University campus, City Centre is one of the Ithaca’s premier luxury communities. The seven-story over one-story podium on 0.76 acres is ideally situated near all that downtown has to offer, including Ithaca Commons — a popular two-block pedestrian mall with access to more than 70 popular restaurants, shops and nightlife venues, as well as a host to a variety of public art installations and frequent community festivals. This walkable, bikeable and transit-oriented site has proven to be one of the most desirable in the marketplace, with 99% occupancy reached well in advance of the 2019-2020 academic year. City Centre’s exceptional location and unique offerings are completely differentiated from other student accommodations within the Ithaca submarket. Currently, more than 10,000 square feet of retail is 100% occupied with renowned tenants such as Chase Bank, Collegetown Bagels and Ithaca Ale House. This attractive, convenient, ground-level retail collection is one of the best in the submarket and has led to a high rate of lease renewals. Nearby, Cornell University is one of the most prestigious universities in the United States and considered one of the eight Ivy League institutions, given the university’s quality of education and rich history. Additionally, supply-and-demand metrics are extremely strong, with overall market occupancy consistently over 99%. Ithaca College and Cornell University have a combined enrollment of 30,117, with Cornell University realizing a 16.4% enrollment growth since 2008. City Centre Ithaca’s 99% occupancy, along with the strong market fundamentals and irreplaceable location, puts City Centre in position for strong year-over-year rental growth.