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Work has begun on a long-awaited $20 million luxury residential development on East Avenue.
David Riedman, president of Riedman Cos., said site work has started on the 41-unit Kilbourn Place, with ground expected to be broken for the first buildings in April. The first units will be available in late summer.
The homes will be priced from the mid-$400,000 to high $500,000 range and will be 1,800 to 2,600 square feet.
The project has been seven years in the making because of an extensive permitting process that included approvals at the local and state levels, Riedman said.
That process included designing real homes, not condominiums, in order to win town approval. The homes give residents who have a second-floor unit ownership of the property where that unit sits.
To achieve this, garages are connected to second-floor units via an easement over a common area, Riedman said.
"It was a long time coming, but the final project will be well worth the wait," he said.
Although marketing has just begun, already there is interest in the units. Riedman expects them to be fully occupied in 36 months.
The tract of land from 3510 to 3592 East Avenue in Pittsford-opposite Kilbourn Road and adjacent to the Back Nine Grill-comprises roughly five acres. The homes are aimed at empty nesters and retirees seeking a carefree lifestyle close to shopping, dining and cultural attractions, Riedman said. A homeowners' association will maintain the property.
The development will consist of three types of architecture: manor, town house and carriage house. One- and two-level floor plans, depending on the style, are available with a variety of layouts, including provisions for elevators.
The architectural style of the homes will honor the character and history of East Avenue. "It's great to take a piece of fallow land and develop it in a way that is consistent with the character of East Avenue," Riedman said.
Financing for the project was provided by Genesee Regional Bank. David Halladay, the bank's chief lending officer, praised the project.
"It's a great use of the property," he said.
The site, near Oak Hill Country Club, was targeted over a decade ago for a high-rise senior living facility by Marriott International Inc. The hotel company later backed out of the project and in 2003 sold off its senior living business.
A group of developers that consisted of former executives at LeCesse Construction Co. Inc. then got involved in the site, with plans for townhomes. Some of the people from that venture are involved in the project.
Riedman Cos. got involved roughly two years ago. The Rochester-based firm is a real estate development, investment, property and asset management company.
Sandra Zutes, Pittsford town supervisor, said the development should benefit the town, increasing the value of the property on the tax rolls. She believes this type of housing is in demand in Pittsford, noting that similar developments in the area have sold.
"It's a nice piece of land," Zutes said. "The impact is all good."
3/29/13 (c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.