The University purchased 301 College Avenue for $15 million last Friday, according to a deed filing with Tompkins County.
Located in the heart of Collegetown, the building houses Jason's Deli convenience store and offers over 50,000 square feet of rentable space. It features 26 residential units, with configurations ranging from studios to six-bedroom apartments.
The property was last purchased by developers John Novarr and Phil Proujansky for $15 million in June 2017. In February 2024, Tompkins Community Bank foreclosed on the property due to unpaid mortgage obligations.
In an email statement, a Cornell spokesperson confirmed the purchase but did not provide details on the University's plans for the building.
“Cornell acquired 301 College Ave out of foreclosure with the goal of furthering the economic revitalization of Collegetown,” the spokesperson wrote. “We are excited to work with local leaders, business owners, and community neighbors on advancing shared goals in this area and, by extension, our city.”
This acquisition is part of Cornell's long history of investments in Collegetown, which has been closely tied to the University.
In 2007, Common Council adopted the Collegetown Vision Statement to guide the area's growth.
Cornell played a key role in the initiative, contributing $90,000 alongside the city to fund planning efforts and leading the Collegetown Vision Implementation Committee alongside residents and students.
As part of its long-term strategy, Cornell integrated the Collegetown Vision Plan with its own Comprehensive Master Plan for the Ithaca campus, recognizing Collegetown as one of its precincts.
Beyond Collegetown, Cornell holds a significant share of Ithaca’s property value – estimated at 47 percent – with much of it exempt from taxation because of their educational purposes.
