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Firm putting $70 million into three projects

Rochester Business Journal
December 13, 2013

Riedman Cos. and its investment partners are allocating more than $70 million for three luxury apartment communities under construction, which the firm's leader said will fill a need in a growing housing segment.
 
The Rochester-based real estate development, investment, property and asset management company is building Hammocks apartment communities in Canandaigua and Geneseo. The company also is building its first Hammocks community outside New York, in Millcreek, Pa., near Erie.
 
Riedman Cos. opened its first Hammocks community in Perinton in 2001, following with sites in Orchard Park, Erie County, and Syracuse.
 
When the current projects are completed, there will be six Hammocks communities with 1,313 units.
 
President David Riedman saw a need for multifamily housing, noting high occupancies at the three established Hammocks communities.
 
"It's a good time to be in the market segment," he said, and there has been substantial growth in the market over the past several years.
 
The 200-unit Canandaigua development, which includes walking trails and garden plots, opened its initial phase in June, and that community will be the first of the three new ones to be completed. The 270-unit community in Millcreek, near Lake Erie, is slated to open in the spring, followed by the 160-unit site in Geneseo, Livingston County, in the summer.
 
The company is reviewing other locations for Hammocks communities, and Riedman said the business has become experienced in seeking out communities in need of such housing.
 
Riedman said the residences are drawing people going through a transition, such as newly married couples and empty nesters.
 
The apartments range from 900 square feet to 1,600 square feet and cost $900 to $1,800 a month.
 
The apartment homes, which can be customized, feature contemporary designs with individual laundry rooms, as well as covered porches, attached garages and kitchens with stainless steel appliances and quartz countertops.
 
Anchoring each of the communities is a 24-hour-access clubhouse with a great room, business center, library, fitness center, theater room, heated pool and fire pit.
 
Supervisor William Wadsworth of the town of Geneseo said there has been a lot of interest in his town's Hammocks community. It will fill in a portion of the town's economic development zone created some 16 years ago and adds to the tax base without needing tax incentives to complete, he added.
 
"This project came along at the right time," he said. "People are lining up to get a look."
 
Since 1993, Riedman has developed, built, owned, managed and marketed a wide range of residential, industrial, light industrial and retail properties throughout the Rochester, Finger Lakes and Syracuse regions.
 
Among its properties is the 41-unit Kilbourn Place. The $20 million luxury residential development on East Avenue, where construction began last spring after years of planning and an extensive permitting process, features three types of architecture: manor, town home and carriage house.
 
So far a model unit has been completed, one unit has been sold, others are under construction and the first phase site work is nearly complete, Riedman said.
 
Riedman is a brother of Susan Holliday, publisher of the Rochester Business Journal.

12/13/13 (c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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