Search

Ithaca, NY (2004)

Cascade Plaza

Cascade Plaza is a newly developed 9-story, 175,000 sq. ft., mixed-use project in the heart of Ithaca’s Urban Renewal District. The development is the result of a partnership between the City of Ithaca and Cornell University aimed at encouraging redevelopment of the downtown area.

Investment

  • NMTC Amount: $6,600,000
  • Total Project Cost: $30,200,000

IMPACT

  • 535 FTE jobs
  • 80 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.
  • 175,000 sq. ft. of real estate

Investor

Project Description

Cascade Plaza is a newly developed 9-story, 175,000 sq. ft., mixed-use project in the heart of Ithaca’s Urban Renewal District. The development is the result of a partnership between the City of Ithaca and Cornell University aimed at encouraging redevelopment of the downtown area. The project includes 102,000 sq. ft. of class A office and ground floor retail space, 77,000 sq. ft. of which is occupied by Cornell and a 104 room Hilton Garden Inn. In addition, the development created the need for a municipal parking garage, which was financed and developed by NDC’s HEDC.

The project generated $4.6 million annually in new retail and food/beverage sales, increased the City’s annual sales tax revenue by $281,000 and provided $500,000 annually in property taxes.

MAP

Address: 130 East Southeast neca Street, Ithaca, NY 14850

Census Tract: 36109000100

Related Projects

Lansing, (2008)