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IRA committee updates leave Inland Island project in limbo; INHS pursues West State Street affordable housing
Summary
The IRA committee reported the Inland Island development is in limbo after its developer questioned financial feasibility; the committee also discussed INHS’s option to pursue a 55-unit West State Street affordable housing project.
The IRA committee reviewed a portfolio of urban renewal projects and reported that the Inland Island mixed-use project is effectively in limbo while a developer weighs feasibility, and that Ithaca Neighborhood Housing Services (INHS) is pursuing a separate West State Street site for a 55-unit affordable housing project with a ground-floor Head Start-type center.
Staff member said the ED committee and a BD committee moved to terminate the exclusive developer agreement with Finger Lakes Development after the developer signaled it was unsure the project remained financially feasible given higher interest rates and construction costs. The developers later reported they were talking with a hotel operator, the Baywood Hotel Group, which may…
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