The Tompkins County Industrial Development Agency (TCIDA) approved the transfer of Library Place’s $5.32 million tax abatement to new owner Park Grove Realty after financial struggles forced developer Travis Hyde Properties to sell the luxury housing project. Rising costs, high vacancy rates, and weak demand for senior housing led to the sale.
Park Grove Realty, which backs multiple Ithaca developments, must honor a prior agreement to lower rents by 10% for two years. The company is also requesting a one-year extension on the tax agreement to manage vacancies. TCIDA defended the transfer, emphasizing the project’s community value.
A public hearing will be held on the extension, though a date has not been set. The TCIDA will further discuss the request at its April 9 meeting.
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