An upstate New York real estate developer decided to pursue a different type of residential project in a savvy change of direction, anticipating growing demand from renters.
Riedman’s initial plan for custom single-family homes was ultimately transformed into Kilbourn Place on East, a 118-unit apartment complex.
The property has been selected by a panel of local real estate industry professionals as the winner of the 2024 CoStar Impact Award for multifamily development of the year for Rochester.
High-interest rates and a limited inventory have led to an affordability crisis that’s made it harder for Americans to own a home, keeping them in apartments for longer.
Following a market study and navigating extensive zoning challenges, Riedman, founded in 1993 and based in Rochester, repurchased the homes along with an adjacent parcel that sat vacant for years. The average size of the upscale apartment units that debuted last year is 1,300 square feet.
Amenities at the resident clubhouse include a lounge, entertainment kitchen, private dining room, fitness studio, pet spa, and package locker system.
Kilbourn Place on East is located in Pittsford, New York, which is less than 10 miles southeast of Rochester.
About the Project: Riedman preserved a historical property on the site called the Wright House, turning it into an event space and rentable living area on the upper floor for tenant guests.
What the Judges Said: “Excellent pivot from initial development plan to fill market need” and an “innovative new project that was developed in a challenging development region.”
They Made it Happen: David Riedman, president and founder, Riedman; Dave Hanlon, owner, Hanlon Architects; Lisa De Laurencia, property manager, Riedman.