Governor Hochul Announces Completion of $96 Million Housing and Conference Center Development in the City of Ithaca

Governor Hochul Announces Completion of $96 Million Housing and Conference Center Development in the City of Ithaca

Governor Kathy Hochul today announced completion of the new $96 million Asteri Ithaca, an affordable housing development and conference center in downtown Ithaca. Developed by the Vecino Group, the 12-story high-rise is a highly energy-efficient, all-electric building that includes 181 apartments, including 40 with on-site support services for people struggling with homelessness. In the past five years, New York State Homes and Community Renewal has created or preserved more than 1,000 affordable homes in Tompkins County. In addition, the 55,000-square-foot, state-of-the-art Ithaca Downtown Conference Center will help fuel the City's continued economic growth with bookable function space including an executive board room, grand ballroom, breakout rooms, pre-function space, and a full production kitchen.

"Asteri Ithaca is a transformative development that combines quality affordable, sustainable and supportive apartments for those who need them most, with a state-of-the-art Conference Center that will energize and elevate the entire City," Governor Hochul said. "This mixed-use development was carefully planned as a live, work, play destination that promotes economic growth and addresses a critical need for housing. It is a shining example of our commitment to investing in projects that strengthen communities and change lives."

"The opening of the Asteri Ithaca will serve as a significant economic development driver, bolstering Ithaca's economy through attracting events both locally and outside of the region, all while providing essential affordable and supportive housing to vulnerable New Yorkers furthering upward mobility and economic growth," Lieutenant Governor Antonio Delgado said. "This all-electric project demonstrates how mixed-use development can advance New York's clean energy goals, ensuring more sustainable, healthier, and vibrant local communities."

Senator Charles Schumer said, "For too long Ithaca has lacked both adequate affordable housing and the gathering space businesses say is critical to bolstering the region's economic development. With the completion of this project, we are tackling both those challenges head-on. I am proud to deliver $2 million in federal funding so we could build this new complex, add hundreds of units of affordable housing and pump millions of dollars into the local economy through the state-of-the-art, energy-efficient conference center. Today Ithaca is showing the nation what innovative housing solutions can look like for our cities. That's why I've pushed hard to preserve the federal Low-Income Housing Tax Credit, which helped supply the necessary funds to complete this project and why I will keep fighting to expand it. I'm grateful for Governor Hochul's work to create affordable homes across the State, and together we will keep working to ensure that every family in Ithaca and across the State has access to housing."

High Quality Affordable, Supportive Homes

The residential portion of Asteri Ithaca comprises the top nine floors of the building and includes 78 studio, 87 one-bedroom, eight two-bedroom, and eight three-bedroom apartments. Rents are affordable to households earning up to 80 percent or less of the Area Median Income.

Residents have free internet service, with each unit hard-wired for 5G access, including routers for WiFi. Amenities include a 12th-floor sky terrace, outdoor space, and a fitness center and community room. There is a laundry room on each floor and indoor bike storage on the ground floor. The eastern portion of the Green Street Parking Garage has been renovated and expanded to include 350 parking spaces, with spots available for building residents to lease.

The energy-efficient, all-electric building furthers the State's goals of achieving 85 percent carbon neutrality by 2050. Apartments have low flow plumbing fixtures, along with Energy Star rated windows and appliances. In addition, the building meets the standards of the EPA Energy Star Multi-Family High-Rise Programs, and the New York State Energy Research and Development Authority's New Construction Housing Program.

State and federal funding for the $62 million residential portion of the Asteri Ithaca includes $11 million in permanent tax-exempt bonds, federal Low-Income Housing Tax Credits that will generate $26.3 million in equity and $19.8 million in subsidy from New York State Homes and Community Renewal. New York State Energy and Research Development Authority's (NYSERDA) New Construction-Housing Program also provided more than $650,000 in additional funding.

The supportive apartments benefit from an Empire State Supportive Housing Initiative award to Tompkins Community Action, Inc., which will be administered by the State's Office of Temporary and Disability Assistance. Support services are designed to promote self-sufficiency in areas such as life skills, financial literacy, job preparation and skill building, and family reunification.

State-of-the-Art Conference Center

The state-of-the-art Conference Center boosts economic activity, including playing host this fall to the finals event for theGrow-NY food, beverage and agriculture business competition. The accelerator invites high-growth potential food and agriculture startups from around the world to compete for $3 million in total prize money each year.

The Ithaca Downtown Conference Center project is expected to host over 50,000 attendees, and spur $50 million in new visitor spending and millions in state and local taxes over the next twenty years. Annually, the Conference Center anticipates generating 6,500 in additional visitors, and over 3,300 room nights. The project is expected to provide economic benefit to the greater Tompkins County area, attracting visitors during the slower months and during off-peak days of Sunday through Thursday.

Empire State Development is supporting the $34 million conference center project with a capital grant of up to $5 million.

U.S. Senate Majority Leader Charles E. Schumer and U.S. Senator Kirsten Gillibrand delivered $2 million in federal funding for the Conference Center as part of the federal omnibus funding package for FY 2022. This Community Project Funding award from the U.S. Department of Housing and Urban Development allowed the project to include a first-of-its-kind all-electric kitchen.

In addition, the City of Ithaca, Tompkins County Tourism Program, the Tompkins County Industrial Development Agency, four downtown Ithaca hotels (Ithaca Marriott on the Commons, the Canopy Hotel, Hilton Garden Inn, and Hotel Ithaca) via the Tompkins Chamber Foundation, and the Downtown Ithaca Alliance provided significant financial support for the Conference Center and renovation of the remaining portion of the garage.

Located at 166-118 East Green Street, Asteri Ithaca and the Ithaca Downtown Conference Center are within walking distance of the Ithaca Commons, City Hall, restaurants, shops, medical offices, and professional offices. The development is close to Six-Mile Creek Trail, DeWitt Park and Cascadilla Gorge Trail. The Tompkins Consolidated Area Transit's Ithaca Commons - Green Street stop is nearby and is served by more than 10 bus routes.

Governor Hochul's Housing Agenda

Governor Hochul is committed to addressing New York's housing crisis and making the State more affordable and more livable for all New Yorkers. Asteri Ithaca complements the Governor's $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide. More than 40,000 homes have been created or preserved to date. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York's housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide, and new protections for renters and homeowners.
Last August, Governor Hochul announced the Pro-Housing Communities Program. Pro-Housing Community certification is a requirement for localities to access up to $650 million in state discretionary funding. To date, more than 160 communities have been certified, including the City of Ithaca which was one of the first municipalities certified in the State.

NYS Home and Community Renewal Commissioner RuthAnne Visnauskas said, "The City of Ithaca was officially certified as one of Governor Hochul's Pro-Housing communities in April - and if past production here is a sign of what's to come, everyone can be assured that there will be more sustainable, affordable, supportive and mixed-use developments like the $96 million Asteri Ithaca in the City's future. HCR is so proud to be part of bringing these 181 new affordable and supportive apartments to life. This complex is a true destination - for conference and event goers and businesspeople and, of course, for those who call this building home. Congratulations to all the partners who made this possible. We couldn't ask for a better result."

Empire State Development President, CEO and Commissioner Hope Knight said, "This vibrant, mixed-use development will enhance the local community and contribute to the region's economic growth. The completion of the Asteri Ithaca conference center and affordable housing complex further exemplifies the transformative impact of our strategic investments, both in the Southern Tier and throughout New York State."

Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, "The opening of Asteri Ithaca will provide chronically homeless adult individuals in Tompkins County with much-needed safe, affordable homes with easy access to the essential services and supports that are critical to help them thrive in their community. We are grateful for Governor Hochul's strong support of the Empire State Supportive Housing Initiative and for rightly recognizing the power of supportive housing to provide a stable foundation to vulnerable New Yorkers that enables them to transform their lives so that they can live safely and prosper in their communities."

NYSERDA President and CEO Doreen M. Harris said, "This all-electric, mixed-use development shows how combining resilient building practices with clean and efficient energy features can maximize building performance and provide long-term savings from reduced energy consumption. NYSERDA is proud to support the Asteri Ithaca project, which advances modern, strategic design that will boost affordability for residents while creating a healthier, more comfortable living and working environment."

Empire State Development Vice President and Executive Director of Tourism Ross D. Levi said, "The new Conference Center at the Asteri Ithaca complex will support the efforts of I LOVE NY and our local partners to promote the continued recovery and growth of business tourism. When trade show and event planners consider downtown Ithaca as a meeting destination, attendees will have an opportunity to explore all the great opportunities available throughout the community and the region, from incredible farm-to-table dining and world-class wineries to picturesque camping and hiking, to family-friendly museums and rich history. New venues like the Ithaca Downtown Conference Center welcome new travelers and make it so easy for even more people to love New York."

State Senator Lea Webbsaid, "Affordable housing, economic development and opportunities for community engagement are top priorities in our region. Thank you to the Vecino Group, the City of Ithaca, Tompkins County, the Tompkins County Industrial Development Agency, and the Downtown Ithaca Alliance for all of your outstanding work in bringing the Asteri Ithaca affordable housing and conference center to life. This development is not just a building; it's a lifeline for our community, offering 181 affordable apartments in a highly energy-efficient, all-electric environment. With 40 homes reserved for those in need of supportive services, you are providing independence and stability for so many. The Conference Center will provide integral event space for our region and state. Your vision and commitment to sustainability and inclusivity are truly commendable, and we are grateful for your contribution to Ithaca."

Assemblymember Anna Kelles said, "The Asteri project will have far-reaching, positive socio-economic impacts for Ithacans of all economic backgrounds. Our need for affordable and supportive housing in Ithaca is profound. This mixed-use project helps us move forward on the long road to sufficient affordable and supportive housing by providing 181 new affordable units and 40 units designated for individuals in need of supportive services. The Conference Center fills a community gap in convening space and will significantly increase midweek tourism to boost our local daytime and nighttime downtown economies providing much needed stability for workers in the hospitality industry. The energy-efficient, all-electric building will also help bring us closer to the goals of the Climate Leadership and Community Protection Act of carbon neutrality by 2050. It's been a long journey to this finish line and I'm so delighted to be able to celebrate its completion and opening with the whole community."

Tompkins County LegislatureDan Kleinsaid, "Tompkins County has invested in this project by directing some of its hotel tax revenue as an ongoing funding source. This project provides housing and jobs in downtown Ithaca and will attract many visitors to Tompkins County."

Ithaca Mayor Robert Cantelmo said, "We are proud to celebrate the completion of Asteri Ithaca and the Ithaca Downtown Conference Center. This unique partnership brings affordable housing to the heart of our community, highlighting our City's deep commitment to equity and inclusion. This project is anchored by North America's first all-electric conference center, a testament to this community's investment in a green, sustainable, and welcoming future. On behalf of the City, I am so grateful to our local, state, and federal partners for realizing this transformative project."

Executive Director of the Downtown Ithaca Local Development Corporation Suzanne Smith Jablonski said, "After ten years of creative and innovative collaboration amongst community partners, we are excited to celebrate the grand opening of the Ithaca Downtown Conference Center project this week. We are grateful to the local, state, and Federal officials and agencies who understood our vision for this important tourism economic development project, which is expected to drive nearly $150 million in new direct and induced spending in our community over the next twenty years."

Accelerating Economic Development in the Southern Tier

Today's announcement advances the 2023 Southern Tier Strategic Plan and complements the "Southern Tier Soaring" strategy by facilitating economic growth and community development. These regionally designed plans focus on attracting a talented workforce, growing business and driving next-generation innovation.

Contact the Governor's Press Office