The luxury senior apartment complex Library Place in downtown Ithaca will continue to be reserved for tenants aged 55 and up, as required by a 2019 tax break agreement, according to The Ithaca Voice.
Developer Travis Hyde Properties had petitioned to lift the age restriction due to low demand, but the request narrowly failed during a recent Tompkins County Industrial Development Agency (IDA) vote.
Rent for Library Place units ranges from $2,545 to $5,935, significantly higher than Tompkins County’s median rent.
The IDA did agree to adjust the abatement’s start date to maximize its value for the developer. The age limit issue may be revisited in a few months.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].