The Commons is being rebuilt from the ground up, completely overhauling the original 1974 design. The Commons Rebuild will replace the existing water & gas mains, sanitary lines, storm drainage, telecom & electric service, and the existing surface design with an emphasis on open space (good-bye, pavilions.), and also serve as a hub for TCAT busses.
The Commons rebuild is being funded with $4.9m from the City of Ithaca, $3.5m from a Federal Transportation Administration State of Good Repair grant, $1.8 from the Southern Tier Regional Economic Development Council, $600,000 from the NYS Department of Transportation, and $500,000 from the Downtown Ithaca Alliance (the Commercial Business District’s “BID”, or Business Improvement District, funded through an additional tax levy on parcels in the CBD).
Phase one of the Commons Rebuild, including deconstruction of the current surface and replacement of the underground utilities is scheduled to wrap up before winter hits in December 2013. Phase two, the construction of new surface elements and amenities, is expected to last for five months, with an expected start date of March 1, 2014, ending in July.

Be sure to check out the project site for even more updates.