A historic structure adjacent to Cornell’s West Campus is slated for reuse as a “think tank for entrepreneurs,” and the private businessman behind the project has taken a big stake in local real estate to provide housing for the effort.

An extensive renovation is proposed for the former Phi Sigma Kappa fraternity house at 702 University Ave., a 9,660 square-foot Greek Revival structure that sits on a prominent 0.88-acre lot at the corner of University and Stewart avenues. The historic edifice was built in 1902, and for more than a century it was  home to the Phi Sigma Kappa fraternity before the chapter went dormant after the university suspended the fraternity in 2024 over allegations of hazing and other activities.

Plans filed with the city earlier this month call for an interior and exterior renovation of the now-vacant house into the “Baker House,” a private club and think tank for students and alumni entrepreneurs focused on the real estate and hospitality industries.

“The Baker House” is named for and financially supported by real estate developer and investor Richard Baker. Baker is a 1988 Cornell alumnus and the owner of National Realty and Development Corporation, a multinational private equity firm that specializes in the sale and acquisition of retail real estate properties. He is also the benefactor of Cornell’s master’s degree program in real estate, the Baker Program, for which he and his wife Lisa provided an $11 million donation back in 2012.

In July, LLCs tied to Baker made at least four large real estate acquisitions near the university, totaling $26 million. The purchases included the 45-unit Bellayre Apartments at 702 Stewart Ave., the 44-unit Campus Hill Apartments at 709 University Ave., and the 28-unit Westbourne Lane Apartments at 120-128 Westbourne Ave. in Cornell Heights. The property at 702 University Avenue is still identified as being owned by the Phi Sigma Kappa fraternity in county records, though the site plan review filing with the city of Ithaca states that Baker is now the owner of the property.

According to the Baker House website, the plan is to create “a living and learning community open to both resident and non-resident members. Its content and programming live at the mansion and travel the country, teaching people how to become entrepreneurs, with a focus on real estate and hospitality.” It includes a boot camp and a remote learning program for high school and college students, as well as the on-site living/learning community.

Fly-by renderings and narratives on the website indicate that the former Campus Hill Apartments are being renovated and repurposed to provide a programmatic residence for Cornell students and alumni focused on entrepreneurship, starting in the fall of the 2027 academic year. The former Bellayre Apartments and former Westbourne Apartments have also been renamed under a “Baker House Residence” moniker, but appear to be marketed as general-market housing at this time, with no future plans stated.

Regarding the first phase of plans at 702 University Avenue, the Baker House mansion would include a private restaurant and bar, social lounge, gym, and Nordic-style spa. A working creative studio for jewelry, ceramics, painting, and cooking would give house members “a place to build with their hands and sharpen their entrepreneurial mind”. 

Overnight rooms and suites would accommodate student members as well as guests visiting Cornell. The variety of uses is allowed by the site’s U-1 zoning, which is an all-purpose city zoning district for Cornell and Cornell-related properties.

A site plan for the redevelopment of the Baker House included in filings with the City of Ithaca.

Per the website and the city filing, the Baker House is owned and operated independently of Cornell, though the organization says it will collaborate with the university. While that would suggest that the properties will be or will remain on the tax rolls, the question is not addressed in the site plan review filing. 

Along with the thorough interior renovation, exterior plans call for new gardens, outdoor seating areas, and event-oriented open spaces. The parking area would be formalized, and a new drop-off court, great lawn and an outdoor patio with a fire pit are planned. Architectural renderings show an enormous geodesic dome covering the drop-off court, but those renderings do not align with the filed plan.

Whitham Planning and Design is handling the project’s landscape architecture for and shepherding it through the site plan review process. The City of Ithaca Planning & Development Board had their first look at the project at their meeting on Sept. 22. Whitham’s Jacon von Mechow presented the project alongside real estate design professional and Baker Program alumnus Gary Esposito, who described the project to the board as “part private membership club and part educational venue”. 

The board’s initial response ranged from excited to cautiously optimistic. The board felt that the proposal was a substantial improvement over the current state of affairs. Questions generally focused on permeable pavement and how the seasonal tent for outdoor events would be accommodated.

“I’m so excited about this project. I think people have been talking about taking fraternities and transforming them into B&Bs or members clubs, and no one’s done it, and so I think this is a great test case and a beautiful building that will be revitalized,” said planning board member Emily Petrina.

“This is the kind of mixed-use space that Ithaca really needs,” added member Jennie Sutcliffe.

The planning board unanimously declared itself lead agency to review the plans. The project aims for completion by August 2027. A cost estimate for the renovation has not been disclosed.