Cascade Plaza

New Markets Tax Credit Coalition

Ithaca,
NY
(2004)

Cascade Plaza

Community, Historic Rehabilitation, Mixed-use, Mixed-use and Commercial, Retail

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

CDEs

Grow America

Investor

Tomkins Trust

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

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