Having an inhouse construction division that will also take onoutside work will be more cost-effective, believes Richard A.Friedman, the firm's executive vice president of development. Thenew firm, Rivermar Contracting Co., is stepping onto new turf withseasoned professionals.

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"We have more than 200 years of collective experience incommercial contracting on board at Rivermar, with more than $3billion worth of completed projects," Friedman tellsGlobeSt.com.

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The company's first building, currently under construction, willbe delivered in March. "A new building will break ground every 30days" to keep up with the current sales pace, Friedman says.

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The first 32-unit building at the six-building Rivers Edgesector is sold out. The average price for a three-bedroom, 31/2-bath unit is $300,000. A one bedroom, 1 ½-bath condo averages$180,000. The condos range from 1,100 sf to 2,200 sf.

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Rivermar's personnel nucleus is headed by Fred Treadway, anOrlando resident with 31 years in the construction industry.Working with him are Lloyd A. Fox, executive vice president who isalso the president and CEO of American Safety Insurance Group; andcontroller Charles Callea who formerly watched the books at ITTCommunity Development Corp. for 20 years.

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The team's executive committee members are David Brueggen, aninterior design company executive for 18 years; Tom Mueller, ashopping center developer for 20 years; and Steve Mathis, chieffinancial officer at American Safety Insurance who will wear thesame hat with the construction firm.

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