DRYDEN, N.Y. — A Rochester-based developer with a growing local portfolio has set its site on a Dryden property that has languished after receiving municipal approvals. Park Grove Realty purchased 1061 Dryden Road for $1.15 million on November 29th.
The 6.54-acre property is located within the hamlet of Varna. It had been on the market for the past couple of years, with significant price reductions, following approvals for a 36-unit rental townhouse project for the property called the “Evergreen Townhouses”, originally conceived by local businessman Gary Sloan and designed by HOLT Architects. Sloan’s attentions are at the moment focused on obtaining approvals for the latest branch of his Squeaky Clean Car Wash chain at 501 South Meadow Street in the city of Ithaca.
The 36-unit/108-bedroom townhouse plan was originally approved in May 2017 as a Planned Unit Development (PUD), with revisions in April 2018 to reduce the size of some of the units, keeping the unit count at 36 but reducing the bedroom count to 90.
The proposal was revised again in the spring of 2022. The current iteration of the project is a 42-unit/84-bedrooms. This was revised in light of rising construction materials costs, and with the knowledge that two-bedroom units are generally easier to rent out than three-bedroom units. The amended plan was approved in May 2022.
Notably, in the schematic renderings from this past spring, the documents note the clinent is Andrew Bodewes, a partner and co-founder of Park Grove Realty, and the townhouses are referred to as the “Park Grove Townhouses”. It would appear that a real estate deal has been in the works for some time, and that Park Grove intends to move forward with the 42-unit plan.
The project would be only the latest in an expanding list of projects Park Grove has undertaken in Tompkins County. The development firm, which focuses on residential plans, bought the Triphammer Apartments on Cinema Drive and developed the East Pointe Apartments in the village of Lansing. They are also a partner in the Cayuga Park mixed-use project at Carpenter Circle.
There is uncertainty as to whether Park Grove bought a complete 100% stake, or if it’s just a majority stake in the development, as documents from this past spring refer to the project as “a new partnership to assist completion”. Requests for comment from Park Grove were not returned.