PeakMade Real Estate and Blue Vista Capital Management, in collaboration with W5 Group, have initiated the construction of Theory Ithaca, a new residential development in Ithaca, New York, US.

Designed to accommodate Cornell University's graduate students, university affiliates, and the Ithaca community at large, the Theory Ithaca project represents the ongoing expansion of Peak and Blue Vista's Theory-branded development portfolio, which targets university markets.

Kennedy Wilson, a real-estate investment company, has provided the construction financing for this development.

Theory Ithaca, upon its completion, is set to feature 371 units comprising 518 beds, ranging from studios to three-bedroom floor plans. The project includes 239 parking spaces to cater to the residents' needs.

The development will comprise an array of amenities, including rooftop terraces, modern study lounges, a fitness centre, and access to nature along Six Mile Creek.

Theary Ithaca is set to open in 2027 for the academic year.

PeakMade Real Estate development president Jeff Githens said: "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."

W5 Group founder and principal Ralph Winter said: "Theory Ithaca is a continuation of our Innovative Living strategy, delivering a thoughtfully designed, community-oriented, highly amenitised living experience in the Cornell University market.

"Cornell is one of the world's most prestigious universities, with an $11bn 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."