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DOWNTOWN
ITHACA
Downtown Ithaca
Market Summary
Downtown Ithaca Alliance
Gary Ferguson, Executive Director
607-277-8679, [email protected]
DOWNTOWN
ITHACA
Downtown
IthacaMarket*
Market*
Downtown
Ithaca
Category Population*** 2000 Census 2010 Census 2015 Estimate 2020 Projection
Growth 2000-2010 Race & Ethnicity, by percent White Black Asian Hispanic Age, by percent Age 0-­‐17 Age 18-­‐24 Age 25-­‐34 Age 35-­‐44 Age 45-­‐54 Age 55+
2015 Median Age Educational Attainment, by percent**** Did not graduate high school High school diploma B.A./B.S. (Nat’l Avg. = 17.7%) MA (Nat’l Avg. = 7.3%) Professor or PhD (Nat’l Avg. = 1.2%) Number of Households 2010 Census 2015 Estimate 2020 Projection Income***** Average HH Income (2015 Est) (Nat’l Avg. = $69,637) Employment, by percent* Walking Distance Urban Market Regional Market** 19,683 22,568 22,866 23,237
14.6% 56,774 59,645 60,881 62,298
5.06% 210,543 216,041 218,337 221,613
2.61% 8.6% 45.1% 18.8% 8.4% 6.0% 13.1%
24.5 12.4% 35.3% 15.7% 9.5% 8.0% 19.0%
26.5 18.2% 18.5% 12.5% 10.7% 12.4% 27.7%
35.7 8,756 8,990 9,250 21,838 22,685 23,532 83,177 83,025 87,000 $53,933 $75,315 $72,701 69% 5% 19% 7% 6.8% 27.2% 26.3% 26.8% 12.9% 72% 6% 16% 7% 5.8% 29.3% 24.3% 23.8% 17.0% 88% 3% 5% 4% 9.0% 56.3% 16.1% 12.1% 6.4% Ithaca 95.8% New York 94.3% National 94.9% *Ithaca has the lowest unemployment rate, 4.2%, in the state of New York (Bureau of Labor Statistics 2015)
* Statistics from 2015 Nielsen Co. Report prepared for the Downtown Ithaca Alliance
** Walking Distance serves 1 mile radius, Urban Market serves 5 mile radius, Regional Market serves 25 mile radius *** Population growth does not factor in multiple development projects scheduled over next two years **** Age 25 and over ***** Income data is depressed due to nearly 30,000 full and part-­‐time university students who act to lower the household income statistics for Ithaca. DOWNTOWN
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Development Projects 2013–2015
UNDER CONSTRUCTION
Est. Cost
1. Marriott Hotel Full-service Marriott
Hotel with restaurant
developed by Urgo Hotels
$32.0 M
2. Simeon’s A new affordable housing
project built at the
intersection of Cayuga & Seneca
$2.0 M
3. Carey Building $4.0 M205,000
4. Shalimar Building Renovation of the Shalimar
Building into new apartments
$1.8 M Mixed use building including
REV incubator, housing & retail
Housing Units
Office SF
Hotel Rooms
5
5
Carey Building
Marriott Hotel
Retail SF The Commons
159
DOWNTOWN
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Development Projects 2013–2015
PLANNED/PENDING
Est. Cost
Housing Units
Office SF
Retail SF 5. Harold’s Square $36.0 M
86
14,460
17,820
6. Hotel Ithaca Expansion $22.0 M
10
7. Canopy By Hilton
New upscale boutique hotel
$10.0 M
123
8. Tompkins Financial
New construction of office and
consolidation of workers into
one building
$27.0 M
Mixed use 126,000 SF
building with housing,
office, and retail located
on the Ithaca Commons
Complete renovation of the hotel;
new second tower built, 400 seat
conference center
Hotel Rooms
110,000
Canopy by Hilton
Harold’s Square
Hotel Ithaca
Tompkins Financial
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Development Projects 2013–2015
COMPLETED
Est. Cost
Housing Units
9. Argos Inn
$1.0 M
10. Seneca Way
$11.5 M
38
11. Breckenridge Place
$15.2 M
50
A historic urban inn with a
ground floor pub, located at
the base of State Street hill
A new six-story mixed use housing
and office building at the
intersection of State & Seneca
A new affordable housing
project built at the
intersection of Cayuga & Seneca
12. Press Bay Alley
Renovation of the former
Ithaca Journal building
into office and retail
1.0 M
$12.2 M
14. Coltivare
$7.0 M 15. Lofts @ Six Mile Creek
$11.0 M
40
$193.7 M
244
Culinary Arts Program, restaurant
New townhouse
apartment project abutting
the Cayuga Garage
Totals
Seneca Way
Retail SF Hotel Rooms
13
13. The Ithaca Commons
Complete public rebuild
of our 38-year-old
pedestrian mall
Office SF
9,000
10,000
4,000
7,500
7,500
155,960
29,320
Breckenridge Place
305
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Downtown Ithaca Student Market
STUDENT POPULATION
Cornell University: 21,850 students
Ithaca College: 6,723 students
Tompkins Cortland Community College: 3,269 students
Total: 31,842 students
STAFF POPULATION
Cornell University: 9,731 staff members
Ithaca College: 1,662 staff members
Tompkins Cortland Community College: 380 staff members
Total: 11,773 staff members
DISTANCE FROM THE COMMONS
Cornell University: Ithaca College: Tompkins Cortland Community College: Downtown Campus:
1 mile
2 miles
Two campuses: 12.5 miles & 0 miles
0 miles
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Tompkins County Tourism Overview*
KEY FACTS
• 843,000 tourists visit annually
• Average spending is $185 per capita over an average stay of 2 days
• Retail shopping (sans Food & Drink) contributed to 25% of tourist spending
Visitors to Ithaca are generally highly educated and affluent.
• 41% of visitors have HH incomes of $100K+ (50% of this group earns $150K+)
• 41% have obtained graduate degrees and 33% have obtained bachelor’s degrees
• Cornell University/Ithaca College greatly contribute to Ithaca’s wealthy tourist base
Forty-two percent of tourists visit Downtown Ithaca/the Commons.
• Downtown Ithaca tied Cornell as one of the most popular activities in the county
• Most tourists explore the Commons between May and October
• Tourists in the Commons are most likely between the ages of 18 and 35
Visitor Satisfaction is extremely high.
• 88% of tourists were extremely satisfied with their visit and 11% were somewhat satisfied
• Downtown Ithaca was praised as one of the most enjoyable aspects of Tompkins County
• 63% stated they were likely to return in the next 5 years
Visitor lodging in Downtown Ithaca is at its strongest.
• Currently existing: Hilton Garden Inn (104 rooms), Hotel Ithaca (181 rooms), Argos Inn
(10 r ooms), William Henry Miller Inn (9 rooms), Dewitt Park Inn (5 rooms)
• Underconstruction:HiltonCanopy(123rooms), MarriottHotel(159rooms),HotelIthaca
expansion including 400-seat conference center
*Statistics from 2009 Chmura Economics & Analytics Study prepared for Tompkins County Convention & Visitors Bureau
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Downtown Ithaca Retail Business Examples
Urban Outfitters
131 E. Green Street
(607) 216-1527
Opened: 2009
Manager: Luna Francisco
Contact: [email protected]
Description: Urban Outfitters boasts a high-end product line of vintage clothing and home goods specifically targeted for trendy young adults.
F. Oliver’s
154 E. State Street
(607) 273-2585
Opened: 2012
Owner: Penelope Pankow
Contact: [email protected]
Description: F. Oliver’s offers an extensive collection of
the freshest oils and vinegars from around the world.
All their fine oils and vinegars are imported directly to
the shop and bottled on the spot.
Benjamin Peters
120 E. State Street
(607) 273-1371
Opened: 1994
Owner: Peter Parkes
Contact: [email protected]
Description: Benjamin Peters provides the finest men’s
clothing, sportswear, and shoes to Ithaca, offering
excellent quality, value, personal service, and master
tailoring to its clientele.
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Downtown Ithaca Retail Business Examples
Ten Thousand Villages
171 E. State Street
(607) 256-0616
Opened: 2001
Manager: Curtis Bayer
Contact: [email protected]
Description: Ten Thousand Villages has been in business for more than 60 years as a fair trade retailer of
artisan-crafted home decor, personal accessories, and
gift items from across the globe.
Petrune
126 E. State Street
(607) 277-1930
Opened: 2009
Owner: Justin Hjortshoj
Contact: [email protected]
Description: Petrune operates as a vintage clothing and
accessory emporium, mostly specializing in women’s
fashions.
American Crafts by Robbie Dein
158 E. State Street
(607) 277-2846
Opened: 1972
Manager: Joseph Gaylord
Contact: [email protected]
Description: American Crafts supplies the work of
America’s finest artisans in pottery, art glass, wood,
jewelry, and fiber. Former flagship store for the national
People’s Pottery chain.
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Household Income Ithaca & Tompkins County
Because Ithaca is a student dominated marketplace, normal U.S. Census statistics tend to
give too much weight to student incomes when calculating median household incomes,
a standard marker used by retailers to determine marketplace wealth capacity.
• There are roughly 30,000 students in Ithaca
In 2003, the U.S. Census undertook a special project to split apart the Ithaca/Tompkins County
population into student and non-student categories. Based on 2000 Census data, the U.S.
Census determined that the 2000 median household income for each group was:
• Overall:
• Students:
• Non-students:
$37,272
$16,945
$43,730
Applying these same ratios to 2010 Census data, we have projected the following student
and non-student median household incomes:
• 5 Mile Ring (Urbanized area)
• 25 Mile Ring (Region)
$65,737
$63,621
• Students (est.):
$29,582
• Non-students (est.):$76,912
While student incomes are notoriously low, they do not reflect student buying capacity, which
is often related to the student’s family income. Both Cornell University and Ithaca College
have large proportions of students from medium – high income families – with significant
spending capacity. Rather than depress buying power, Ithaca area students actually increase
it far more than data shows.
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2015 Retail Supply & Demand*
Category of Retail
2015 Demand
2015 Supply
Gap
Computer/Software
Walking Distance (1 Mile)
Urban Market (5 Miles)
$1,933,218
$6,227,989
$551,544
$676,033
$1,381,674
$5,551,956
Convenience Stores
Walking Distance (1 Mile)
Urban Market (5 Miles)
$2,195,356
$6,536,053
$320,065
$361,794
$1,875,291
$6,174,259
Pharmacy
Walking Distance (1 Mile)
Urban Market (5 Miles)
$14,910,588
$41,192,061
$29,127,040
$27,953,923
($14,216,452)
$13,238,138
Cosmetics/Beauty/Perfume
Walking Distance (1 Mile)
Urban Market (5 Miles)
$973,586
$3,470,574
$330,707
$1,189,330
$642,879
$2,281,244
Other/General Merchandise
Walking Distance (1 Mile)
Urban Market (5 Miles)
$26,772,602
$82,176,968
$2,785,229
$19,570,722
$23,987,373
$62,606,246
Department Stores
Walking Distance (1 Mile)
Urban Market (5 Miles)
$19,626,426
$60,331,632
$54,526,257
$148,753,119
($34,899,831)
(88,421,487)
Apparel (All)
Walking Distance (1 Mile)
Urban Market (5 Miles)
$20,723,073
$64,579,901
$7,889,703
$21,484,598
$12,833,370
$43,095,303
*Statistics from Nielson Co. RMP Opportunity Gap – Retail Stores Data, September 2015 prepared for the Downtown Ithaca Alliance, Ithaca, NY
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Downtown Ithaca Retail District Profile
Size
• 22 blocks comprising a compact walkable district
Total Retail Square Footage:
• 320,000 SF
Retail | 148 Total Retail Shops:
• 12 apparel stores
• 5 jewelry stores
• 5 sporting goods stores
• 5 home and kitchen stores
• 14 beauty and enhancement establishments
• 6 bookstores
• 9 art galleries
• 65 food and beverage establishments
Community Assets:
• Supports a population of 30,000 people and an additional 30,000 in students
• The public transit hub for Tompkins County
• Strong collegiate institutions with thriving student bodies and alumni
• Natural attractions bolster Ithaca’s tourism
• 3 state parks within 5 miles of downtown
Downtown Assets:
• Pedestrian mall, the Commons, undergoing redevelopment to further enhance
walkability, commerce, and economic vitality
• Numerous restaurants and retailers that lure people downtown
DOWNTOWN
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Downtown Ithaca Retail District Profile
Downtown Attractions:
• The historic State Theater, a live performance venue (1,600-seat theater)
• Cinemapolis movie cinema (5-plex)
• Main branch of Tompkins County Public Library (500,000 visitor trips per year)
• Commons Pedestrian Mall
• Year-round Community Events
• Sagan Planet Walk
Colleges and Universities:
• Cornell University | 21,000+ students
• Ithaca College | 6,500+ students
• Tompkins-Cortland Community College | 3,000+ students
West Buffalo
Street
East
Buffalo
Street
TO CORNELL
UNIVERSITY
BUS
BUS
BUS
BUS
Seneca Way
BUS
BUS
Playground
Harold’s
Square
Trebloc
GREEN ST.
GARAGE
BUS Bus Stop
Public
Parking
Subject Property
Apparel
Sporting Goods
Other Retail
Gifts, Art, Jewelry
Food & Beverage
BUS
City View Apts
City Police
& Court
TO ITHACA
COLLEGE
DOWNTOWN
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Downtown Ithaca Parking and Transit
Parking:
• 3 parking garages with a combined capacity for 1,500 cars plus on-street and
on-site parking
Public Transit:
• In 2013, the American Public Transportation Association ranked TCAT
( Tompkins Consolidated Area Transit) #1 small city transit system in North America
• TCAT offers a shuttle every 10 minutes connecting Downtown to Cornell University
• Downtown Ithaca is the Transit hub for Tompkins County
West Buffalo
Street
East
Buffalo
Street
TO CORNELL
UNIVERSITY
BUS
BUS
BUS
BUS
Seneca Way
BUS
Playground
Harold’s
Square
Trebloc
GREEN ST.
GARAGE
BUS
BUS Bus Stop
Public
Parking
Available
Space
City View Apts
City Police
& Court
TO ITHACA
COLLEGE
DOWNTOWN
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Ithaca’s Ranking in Top Ten Lists
Ithaca ranked #9 Most Exciting College Towns by MSN Real Estate, May 2014
Ithaca ranked #8 in 10 Great Places to Live in by Kiplinger’s Personal Finance Magazine, July 2013
Ithaca ranked #3 of US Cities for Work-Life Balance by NerdWallet.com, July 2013
Ithaca named #1 Smartest City in America by VentureBeat online, June 2013 (based on study by Luminosity)
Ithaca named #1 best college town in America, “Top 10 Best College Towns in America” by Business Insider, Jan. 2013
Ithaca Ranked #1 “Top 10 Cities You Want to Walk to Work” by MSN Real Estate online, September 2013
Ithaca named “the Most Secure Place to Live” for a municipality with less than 150,000 residents by Farmers Insurance Group, October 2012 Ithaca ranked “#1 College Destination by American Institute for Economic Research, October 2012
Cornell ranked #5 in the “Top 25 Colleges for Outside Readers” from Outside Magazine, August 2012
Ithaca ranked #5 in “The 10-Best Cities for Millennials,” by Moving.com and 24/7WallSt.com, July 2012
Ithaca ranked #1 for “Prime Workforce Growth” among 365 metro statistical areas, Area Development Magazine, June 2012
Ithaca ranked 3rd best city for “Finding Employment Right Now,” Forbes, May 2012
Ithaca ranked Top 10 in “Great Quirky Places to Retire,” AARP Magazine, April 2012
Ithaca/Tompkins County ranked a “Top 10 Small to Mid-sized Fourth Economy Community” by Fourth Economy Consulting, April 2012
Ithaca ranked a top-seven retirement town in “Retire Here, Not There,” Smart Money, Nov. 2011
Ithaca ranked one of the “10 Best Places to Retire 2012” by US News & World Report, Oct. 2011
Ithaca ranked one of 19 “Perfect Towns” by Outside magazine, Oct. 2011
Ithaca once again ranked in “Top 100 Places to Live” by RelocateAmerica.com, June 2011
Ithaca ranked #6 in “America’s Foodiest Towns,” (pop under 250,000) by Bon Appétit magazine, Sept. 2010
Ithaca ranked #1 “Best College Town” (under 250,000 pop.) by American Institute for Economic Research, Sept. 2010
Ithaca ranked #7 in “America’s Brainiest Metros”, The Daily Beast, online, August 2010
Ithaca ranked #1 among 350 U.S metro areas as the best place for recent college grads, The Daily Beast online, June 2010
Ithaca ranked in top-100 places to live, top-10 recreation cities and top-10 small towns by RelocateAmerica.com, April 2010
Ithaca listed a “Top Retirement City for Wine Lovers,” US News & World Report online, May 2009