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That being said, Visum/Newman also provide the most detailed plan to repair the Green Street Garage, laying out specific construction and renovation focuses and an addition of 57 spaces for a total of 525 parking spots. Throughout its proposal, Newman and Visum are clearly appealing to the city’s stated middle-income housing shortage, something that has only recently gained more attention as higher-rent and affordable housing have both experienced somewhat of a construction acceleration, leaving out the middle. “Newman/Visum proposes to provide the majority of units at 90% to 100% of AMI, which is approximately 25% to 35% below market,” the proposal states. “In addition, there appears to be an opportunity to include a few market rate units (about 10%), which would optimize the potential of the site and produce additional income that will further support the below-market workforce housing units.” The project also argues that it deserves a more substantial tax abatement deal because not only does it satisfy recently approved legislation to push abatements for more affordable and workforce housing development, it does so without the benefit of many market rate apartments to buoy the financial burden. “The Green Street Redevelopment Project requests a much more aggressive program for affordable housing, which, should in turn, justify a more aggressive abatement schedule,” the proposal reads. “This new supply of affordable and diverse housing will make a significant contribution toward the need for affordable housing and the proposed PILOT schedule represents an important and worthwhile investment and subsidy by the City and others.” Green Street Garage Mixed-Use Redevelopment Submission by Peak Campus, Ithaca Properties The first ones to plant their flag at the Green Street summit, Ithaca-Peak’s proposal hasn’t changed very much since it was first introduced, besides converting a few more units to “affordable” status, going from 38 units to 41, and reducing the proposed rental rates of those units from 90 percent of AMI to 75 percent. They do specifically note a willingness to negotiate those numbers with the city (most likely an acknowledgement they will have to move that number of units farther up if they want to receive a tax abatement thanks to the recent reforms requiring 20 percent of units be affordable for consideration). Otherwise, though, the development team seems pretty comfortable with the March incarnation of their project. They still have 404 units, easily the largest housing supply addition, with 620 beds and a focus on graduate students and young professionals from the nearby universities -- the only project, perhaps it’s relevant to mention, that is stating that focus publicly.

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