The Ithaca Times Article on this is a must read.
There has never been a redevelopment project of this magnitude in Ithaca. Over 93 acres and 800,000 Square Feet of existing space is a massive undertaking, and one that will take many years to do, but now that the potential buyer will be closing on the property, there’s a tangible horizon. The cost and financing needs of this project are immense relative to other projects in Ithaca. Even if we assume an average $100/SF redevelopment cost within the existing shell structures, that brings the total cost of the project in at $80 million, assuming all 800,000 SF are built-out at this cost. I think it’s safe to say that it may even cost more depending on the mix of development, and environmental remediation will take more time and money. The exterior work will probably be quite significant as well. The potential for this site has been a major talking point in local politics for years now, so it’s nice to see a serious developer taking the reigns and the risk to realize this opportunity.