Cornell Alum Richard Baker Turns $26 Million Ithaca Bet Into Entrepreneurs' Club

Real estate investor Richard Baker has spent at least $26 million buying apartment buildings near Cornell University since July, and now he wants to convert a dormant fraternity house into a private club and think tank for entrepreneurs.

LLCs tied to Baker closed at least four large acquisitions near the university in July, according to county records reported by The Ithaca Voice. 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 centerpiece is the former Phi Sigma Kappa fraternity house at 702 University Ave., a 9,660-square-foot Greek Revival structure on a 0.88-acre lot at the corner of University and Stewart avenues. Cornell suspended the fraternity in 2024 over allegations of hazing and other activities, and the chapter went dormant. The building has sat vacant since.

Plans filed with the City of Ithaca earlier this month call for an interior and exterior renovation into the "Baker House," a private club and think tank for students and alumni entrepreneurs focused on the real estate and hospitality industries. County records still list the Phi Sigma Kappa fraternity as owner of 702 University Ave., but the site plan review filing states that Baker now owns the property.

Baker is a 1988 Cornell alumnus and owner of National Realty and Development Corporation, a multinational private equity firm specializing in the sale and acquisition of retail real estate. He is also the benefactor of Cornell's master's degree program in real estate, the Baker Program. He and his wife Lisa gave an $11 million donation to the program in 2012.

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." Programming includes a boot camp and a remote learning program for high school and college students, plus the on-site living and learning community.

The former Campus Hill Apartments are being renovated and repurposed as a programmatic residence for Cornell students and alumni focused on entrepreneurship, starting in the fall of the 2027 academic year. The former Bellayre and Westbourne apartments have been renamed under a "Baker House Residence" moniker but appear to be marketed as general-market housing for now, with no future plans stated.

The mansion itself 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 members "a place to build with their hands and sharpen their entrepreneurial mind." Overnight rooms and suites would accommodate student members and guests visiting Cornell. The site's U-1 zoning, an all-purpose city district for Cornell and Cornell-related properties, permits the variety of uses.

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.

The Baker House is owned and operated independently of Cornell, per the website and the city filing, though the organization says it will collaborate with the university. That would suggest the properties will be or will remain on the tax rolls, but the site plan review filing does not address the question.

Whitham Planning and Design is handling the project's landscape architecture and shepherding it through the site plan review process. Whitham's Jacon von Mechow presented the project to the City of Ithaca Planning & Development Board at its Sept. 22 meeting alongside real estate design professional and Baker Program alumnus Gary Esposito, who described the project as "part private membership club and part educational venue."

The board's initial response ranged from excited to cautiously optimistic. Members saw the proposal as a substantial improvement over the building's current state. Questions 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 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. If the approval process stays on track, Baker's $26 million property buying spree will anchor a new privately run entrepreneurship hub operating just outside Cornell's gates.