Ground has been broken on a new apartment development located near Cornell University in Ithaca, New York, that will serve Cornell graduate students, university affiliates, and the greater Ithaca community.
The new Theory Ithaca project is developed by PeakMade Real Estate and Blue Vista Capital Management as part of their Theory-branded development portfolio in major university markets. The new project is being developed in partnership with W5 Group, with construction financing by Kennedy Wilson.
Upon completion – which is scheduled for the 2027 academic year – Theory Ithaca will be comprised of 371 units and 518 beds, offering studio through three-bedroom floorplans, and 239 parking spaces. The development’s amenities will include rooftop terraces, modern study lounges, a luxury fitness center, and direct access to nature along Six Mile Creek.
“The Cornell University market is one of the most undersupplied student apartment markets in the country especially for graduate students,” said Jeff Githens, president of development at PeakMade Real Estate. “Theory Ithaca plans to serve this unmet demand with an exceptional project in an irreplaceable location in between Cornell’s campus and downtown Ithaca.”
“We are excited to begin construction on Theory Ithaca alongside PeakMade and W5 Group, and look forward to delivering a brand new, high-quality housing option to downtown Ithaca to help bridge the market’s housing gap for students,” added Jason Schwartz, managing principal at Blue Vista Capital Management.
