ITHACA, NY - PeakMade Real Estate and Blue Vista Capital Management, in partnership with W5 Group, recently broke ground on construction for Theory Ithaca, a new apartment development located near Cornell University in downtown Ithaca, NY, aimed to serve Cornell graduate students, university affiliates, and the greater Ithaca community. This project marks the continued expansion of Peak and Blue Vista's Theory-branded development portfolio in major university markets. Construction financing for Theory Ithaca was provided by Kennedy Wilson.
Upon completion, Theory Ithaca will be comprised of 371 units and 518 beds, offering studio through 3-bedroom floorplans, and 239 parking spaces. The development, scheduled to open for the 2027 academic year, will feature a market-leading amenity package, including 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. Theory Ithaca plans to serve this unmet demand with an exceptional project in an irreplaceable location in between Cornell's campus and downtown Ithaca," commented Jeff Githens, President of Development at PeakMade Real Estate.
"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," commented Jason Schwartz, Managing Principal at Blue Vista Capital Management, LLC.
"Theory Ithaca is a continuation of our Innovative Living strategy, delivering a thoughtfully designed, community-oriented, highly-amenitized living experience in the Cornell University market," said Ralph Winter, Founder and Principal of W5 Group. "Cornell is one of the world's most prestigious universities, with an $11 billion endowment and a rapidly growing student population. In partnership with Blue Vista and PeakMade, we are excited to deliver a new state-of-the-art apartment community for the next generation of Cornellians, setting a new standard for residential innovation in the Ivy League."