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once-promising development project in Ithaca, New York, has hit a roadblock, leaving behind a trail of foreclosed properties worth over $75 million. On April 29, a massive foreclosure auction will take place in Ithaca and nearby Lansing, featuring over a dozen properties tied to the failed "Innovation District" project.

    The project, spearheaded by developers John Novarr and Phil Proujansky, aimed to transform Collegetown into a thriving hub of innovation. However, after completing only one phase, Catherine Commons, the project's momentum stalled, leading to a series of foreclosures. The properties in question are located on Cornell University land, leased to private developers.

    Cornell employee Jeremy Thomas expressed optimism that the university will find a suitable partner among the new property owners, ensuring the continued growth and success of the Cornell Business & Technology Park (CBTP). "We want to work with someone who shares our vision for this area," Thomas said. The university's interest in forging a strong partnership is driven by its desire to maintain control over developments near CBTP.

    The foreclosure auction comes on the heels of Cornell's recent purchase of a foreclosed property, 301 College Avenue, for $15 million. This acquisition highlights the university's commitment to investing in local real estate and fostering partnerships with community leaders. The upcoming auction presents an opportunity for Americans to acquire properties in Ithaca, a charming college town known for its stunning scenery and vibrant arts scene.

    As Cornell navigates this complex situation, it remains to be seen how the university will balance its interests with those of the new property owners. One thing is certain: the fate of these foreclosed properties will have a lasting impact on the future of Ithaca's development landscape.