With housing prices on the rise in Ithaca, a developer is planning to build 67 townhouses southeast of Cornell’s campus to house University employees, plans for the proposed development show.
The developer, Greenways at Eastwood Commons, is proposing to buy a parcel of land from Cornell just off of Route 79, near the Oxley Equestrian Center. A sketch plan for the project will be considered by the Town of Ithaca Planning Board at its meeting on Tuesday, according to The Ithaca Journal.
Describing the townhouses as “economical,” the plans state that the housing will be marketed towards Cornell employees before being made available to the general public. Ithaca Neighborhood Housing Services “will utilize their programs to provide financial assistance to approximately a third of the total unit owners for each phase of the project,” according to the sketch plan.
While home prices in the area have fluctuated over the last several years, Ithaca homes have recently experienced a rapid rise in value. Housing prices in Ithaca have risen 8.7% in the last year, according to real estate website Trulia.
22 of the units will have garages, with a total of 113 parking spaces. While zoning laws permit 79 units to be build on the site, the plan only calls for 67, according to The Ithaca Journal.