Travis Hyde will soon abandon its vision of an over-55s-only community for Library Place, a luxury senior housing complex, in favor of “multigenerational housing” as developers struggle to fill vacant units. I might.
Despite being recently completed and a certificate of occupancy finalized in June of this year, less than a third of the units at Library Place are currently occupied by tenants. Faced with unexpected obstacles from the 55+ age limit, developers are now seeking approval from the Tompkins County Industrial Development Authority (TCIDA) to lower the age requirement while preserving the tax breaks granted in 2019.
Library Place is a mixed-use residential and retail space located at 105 W Court St., the former site of the Tompkins County Public Library. There are 66 luxury residential units ranging from one to three bedrooms.
After the public library moved to its current location at 101 E Green St., the previously tax-exempt property sat vacant for several years before being sold to Travis Hyde for development into its current senior housing complex. I stayed.
Travis Hyde’s plan to develop the property as a senior housing community was met with significant opposition from community members. Some were concerned about plans to demolish the asbestos-contaminated and outlawed property, which Travis Hyde said would not benefit the city’s more vulnerable seniors who need affordable housing. Some expressed dissatisfaction with the push for tax breaks for the project.
The Community Investment Incentive Tax Abatement Program (CIITAP) application for this project was subject to further controversy as the City’s tax abatement requirements changed before the application was approved.
The city decided in 2018 that to qualify for the tax break, at least 20% of a development must be affordable housing, among other requirements. The abatement for Library Place was approved after the city passed the measure even though the plan did not include affordable housing. The city received CIITAP’s application before the Ithaca City Council vote.
At the time of filing, the Library Place tax abatement was estimated to save the developer approximately $5.32 million in new taxes, while generating approximately $1.7 million in new property taxes over the 10-year tax abatement period. .
Frost Travis, president of Travis Hyde, approached TCIDA during a meeting on Wednesday, Nov. 13, asking for the board’s approval to remove age requirements for prospective residents while maintaining tax breaks. .
Travis said he was forced to raise rents due to higher costs due to construction delays on the project and a “huge” increase in debt service. The original application documents indicate that Library Place was intended to provide market-rate housing for Ithaca’s senior living community.
Rent for a one-bedroom apartment in Library Place ranges from $2,545 to $3,122 per month. Two-bedroom apartments are in the $4,000 range, and three-bedroom apartments are in the $5,000 range.
The majority of Ithaca’s population (74%) are renters. Among renters, 50% spend more than 30% of their monthly income on rent, and 35% spend more than 50% of their monthly income on rent. From 2023 to 2024, the fair market rent for a one-bedroom apartment in Ithaca increased by 12.4%, from $1,276 to $1,434.
Travis explained to IDA that Travis Hyde initially thought Library Place’s age restriction would increase demand for apartments, but it had the opposite effect. The limited tenant pool is delaying lease-ups and impacting the financial stability of the project.
Travis Hyde aims to expand the tenant pool to renters of all ages while maintaining tax breaks to improve the project’s financial stability. Lifelong, the organization the developers partnered with to expand services for seniors, provided a letter of support for removing the age limit.
“We hope this will be seen as a reasonable request to support the project,” Travis said. “It took a lot longer than expected to get the lease signed, and of course part of that is the rent that comes from having to pay off the debt, so it’s a bit of a double bind.”
At a City Council meeting earlier this year, Ithaca City Planning and Development Director Lisa Nicholas outlined the challenges developers face when building market-rate housing, noting that the increase in luxury housing in the city is driving up land prices. pointed out that this was the cause.
“Even projects that are ready for construction may face setbacks due to fluctuations in construction costs,” Nicholas said. “Developers, especially for market-rate projects, need guarantees of viable returns, which can be affected by increased financial risk.”
TCIDA is scheduled to vote on Travis’ proposal at its next meeting on Wednesday, Dec. 11, at 2:30 p.m. at the Tompkins County Legislative Chamber.
