Condo Developer Forms Own Construction Team

Looking at a $200 million oceanfront development investment, Atlanta-based American Safety Insurance Group Ltd. is forming its own construction firm to build the 811-unit Harbour Village Golf & Country Yacht Club 50 miles northeast of Downtown Orlando.

Having an inhouse construction division that will also take on outside work will be more cost-effective, believes Richard A. Friedman, the firm’s executive vice president of development. The new firm, Rivermar Contracting Co., is stepping onto new turf with seasoned professionals.

“We have more than 200 years of collective experience in commercial contracting on board at Rivermar, with more than $3 billion worth of completed projects,” Friedman tells GlobeSt.com.

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

The first 32-unit building at the six-building Rivers Edge sector is sold out. The average price for a three-bedroom, 3 1/2-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.

Rivermar’s personnel nucleus is headed by Fred Treadway, an Orlando resident with 31 years in the construction industry. Working with him are Lloyd A. Fox, executive vice president who is also the president and CEO of American Safety Insurance Group; and controller Charles Callea who formerly watched the books at ITT Community Development Corp. for 20 years.

The team’s executive committee members are David Brueggen, an interior design company executive for 18 years; Tom Mueller, a shopping center developer for 20 years; and Steve Mathis, chief financial officer at American Safety Insurance who will wear the same hat with the construction firm.