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$14M project eyed for canal site in Fairport

Rochester Business Journal
May 9, 2014

A local developer is planning a $14 million residential project for a waterfront parcel in the heart of Fairport.

David Riedman, president of Rochester-based Riedman Cos., has proposed building waterfront condominiums on the 2.85-acre site on Parker Street.

The plan is to build a five-story building with 48 condominiums. The project has received preliminary approvals from the planning board and is undergoing zoning board review.

Riedman anticipates receiving all approvals for the project in the next few months. He expects construction to begin in 2015, with occupancy in 2016. Fairport-based BME Associates is serving as the project architect.

The condos are to offer one-bedroom and two-bedroom options. There also will be some units with three bedrooms and an upper loft section.

The units will be 1,300 square feet to 1,800 square feet, with prices slightly under $300,000 and a condominium fee that covers maintenance.

Riedman said the building design fits well with the character of the community.

He was drawn to the property—and subsequently responded to a request for proposals last fall—because of the parcel’s proximity to the Erie Canal and walking trails. With those features, “the community becomes a very large amenity,” he said.

Kal Wysokowski, executive director of the Fairport Office of Community and Economic Development, said Riedman’s proposal fits with the two-part vision the village had for the area.

The first part involved the upgrades completed last year along the south bank of the Erie Canal between the lift bridge on South Main Street and the Parker Street bridge.

The improvements included repairs and upgrades to the pedestrian promenade and boat dock stations, as well as new site amenities, including benches, lights, brick pavers and a stone retaining wall. Village officials said the work was done to improve recreational opportunities for boaters and trail users.

The Fairport Industrial Development Agency received a matching grant of $134,238 for the project through the Finger Lakes Regional Economic Development Council, she said. It augmented construction to the east of the project site, a $1.5 million redevelopment that included a concrete breakwall and pedestrian promenade.

The second part of the vision for the area was to bring in a private developer to complement the public improvements.

“It’s about bringing economic development and tourism to the village,” Wysokowski said.

Riedman’s proposal also puts the property back on the tax rolls, she added.

The site has been cleaned up since 2008. At the time, John Colaruotolo, president of Anco Builders Inc., had proposed a mixed-use canalside development for a portion of the property that would include a restaurant, condominiums and rental units. The deal never came together, Wysokowski said, and the parcel remained vacant.

Riedman is targeting retired homeowners who are searching for residences that require little upkeep.

The more urban setting also may be a draw for younger people with no children, he said, adding that the trend to get closer to an urban center is one he is seeing locally and nationally.

Wysokowski said the type of housing Riedman is proposing is needed in Fairport. The village has an ample supply of single-family homes and rental apartments but has lacked market-rate condos.

“We are finding a lot of people want to stay in Fairport but don’t necessarily want to own a single-family home,” she said. “This project helps meet our goals.”

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 the properties is the 41-unit Kilbourn Place, a $20 million luxury residential development on East Avenue. Construction began there last spring after years of planning and an extensive permitting process. It features three types of architecture: manor, town home and carriage house.

Riedman also has developed the Hammocks apartment communities at six locations: Canandaigua; Perinton; Orchard Park, Erie County; Syracuse; and Millcreek, Pa., near Erie.

5/9/14 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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