ITHACA, NY (607NewsNow) – The Tompkins County Industrial Development Agency (IDA) has sent a notice of default to Asteri Ithaca, care of the Vecino Group.
On March 4, the City of Ithaca issued a vacate order at the Asteri building due to numerous fire code violations, particularly in the stairwells.
The IDA issued the default notice on March 5. If the repairs are not completed within 30 days of the issuance, the developer could lose its property tax abatement agreement with the IDA.
After applying for a building permit, Vecino has begun repairs at the apartment complex. A pressurization test is scheduled for March 20, when the work is expected to be completed.
Tompkins County Legislative Vice Chair Deborah Dawson, who also serves as Board Chair of the IDA, says the community has “asked us repeatedly to do something about Vecino,” but adds their hands were essentially tied until the vacate order.
Since the Asteri building opened in 2024, it has been scrutinized due to numerous crimes, emergencies, and fires in the building, as well as frequent calls for first responders. The issues led to a lawsuit against Vecino, filed by the Downtown Ithaca Local Development Corporation, which oversees the conference center on the building’s bottom two floors.
The 30-year property tax exemption agreement at Asteri is worth an estimated $15 million.
You can watch the full March 11 Tompkins County Industrial Development Agency Board Meeting here.
