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David J. Riedman
David J. Riedman
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President and CEO, Riedman Companies
Years in current role: 32
What opportunities do you see for growth or development in the Rochester area?
Rochester continues to have a tight supply of housing coupled with a stable economy, providing sound fundamentals for investment. Challenges do exist, however. A higher interest rate environment, rising construction costs, and a complex regulatory environment must be addressed to make new development feasible. Our team is continually developing new strategies to lean into those challenges so we can advance our growth and align that growth with broader economic development initiatives in the region.
What’s one project your team is especially proud of?
We’ve been actively developing The Neisner at East End over the past 18 months, with completion anticipated by Summer 2025. Once finished, the building will welcome more than 50 new residents and add to the energy of the East End neighborhood by activating the key intersection of Chestnut Street and East Avenue. I’m especially proud of the creativity our team has shown throughout the planning, design, construction and financing of the project and the meaningful impact their efforts will have on the Rochester community.
How do you see local government or policy changes impacting your sector?
In the 2023-2024 NYS budget, a provision was passed that requires most new residential buildings to be constructed without the use of fossil fuel burning equipment and systems as of Jan. 1, 2026. While I understand the zeal to use a cleaner form of energy, the path to achieving the objectives of the new law is murky at best and filled with uncertainty. That uncertainty undermines the confidence required to undertake new development.
What’s your favorite building or architectural feature in Rochester?
My favorite building in downtown Rochester is 89 East Ave., the former headquarters of Rochester Gas & Electric. Built in 1926, this neoclassical gem is a remarkable piece of the city’s architectural history. Today, the building stands vacant, but its redevelopment holds tremendous potential and plays a vital role in the ongoing revitalization of the East End neighborhood.
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This profile is part of Rochester Business Journal's Power List for Construction & Real Estate for 2025. Information used in this profile was sourced from the honoree. |
