Faculty
Each spring Cornell real estate students look forward to Residential Development (CRP 658), a course that focuses on a real-life residential development typically within a four- hour drive of campus. Senior Lecturer Brad Olson has selected an intriguing development as Spring 2007’s project in a city with a familiar ring – Ithaca. The City, through its Ithaca Urban Renewal Agency (IURA), is presently seeking qualifications from firms interested in being designated as Master Planner and Developer for the design and construction of a vibrant urban neighborhood in what is now a vacant, city-owned parcel, termed the Southwest Area Urban Neighborhood.
Students in the class will be formed into interdisciplinary teams of five and asked to assume the role of an interested developer—completing full blown market, physical, political, financing and financial feasibility studies--culminating in a proposal for acquisition and development of the site. “We hope and intend that this effort will provide an important, comprehensive learning experience for the students, and at the same time help the City to better understand the opportunities and value present in this very interesting site”, said Olson.
The City’s Vision for the project is for a primarily residential, mixed-use, mixed-income neighborhood of urban scale and density, the design and implementation of which facilitates non-motorized and mass transportation and integrates sustainable and Leadership in Energy and Environmental Design (LEED) building practices. Student team efforts will be summarized in professional quality written and oral reports for presentation to the City and members of its various advisory committees.
The project envisioned by the City will feature a mix of housing types, including approximately 30% permanently affordable housing, which will appeal to people of different economic means and a variety of lifestyles. Students in Professor Roger Trancik’s Principles of Spatial Design course presented seven design models for the project in December during an informal public gathering. Trancik, Olson and Milton Curry are three Real Estate field faculty members who are lending their and their student’s energies and expertise to the development project. The development site is situated in the southwest portion of Ithaca, contiguous to the Southwest Natural Area and within walking distance of shopping, Buttermilk Falls State Park, and the Cayuga Inlet, which is heavily used for non-motorized boating.
The City seeks a partnership with a developer, or development team, having a shared vision with the City, which includes an innovative approach, incorporating community-based planning and design with successful implementation, and the experience and financial resources to ensure the success of this project. The City currently owns the property and will negotiate the sale or lease to the qualified master developer through the Ithaca Urban Renewal Agency (IURA).
Click The Southwest Area Urban Neighborhood for more on the Southwest Area Urban Neighborhood.
