The Cortland County Family YMCA has entered into an agreement with neighboring property owner Paul Lorenzo to purchase his property at 30 Tompkins Street.
The property is bordered on the east by the YMCA at 22 Tompkins Street and on the west by Thoma Development Consultants.
The purchase was approved by the Cortland YMCA’s Board of Directors and Board of Trustees, which reallocated endowment funds they had previously committed to the new YMCA project. YMCA officials did not disclose the purchasing price for the property.
“This is a strategic and forward-looking move for our Y,” said Dave Hamilton, Cortland YMCA Executive Director, in a press release. “Ideally, we would have completed a sale of the Homer Avenue property before entering into another purchase; however, time was of the essence in the availability of the Lorenzo property.”
Hamilton added that the property represents “the best opportunity for addressing the space issues in the Y’s downtown building.”
He says the YMCA’s membership numbers have increased and the new space will help accommodate new members. The Cortland YMCA plans to close on the property by the end of July, at which time they will use the adjacent property for additional parking and storage.
The organization said in a press release that it is investigating “appropriate and confirming uses” for the newly purchased property. Detailed plans are not yet available.