Condo Developer Forms Own Construction Team

Orl 8-24cxBy Alex Finkelsteinx 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 breaks ground in March on the first of what may become 27 buildings in the condo community. “A new building will break ground every 30 days” to keep up with the current sales pace, Friedman says.