Tuesday, June 16, 2015

Morgan-LeChase acquires 21 acres for Canandaigua project


Morgan-LeChase Development LLC said Thursday it has closed on its acquisition of 21 acres of land across from Kershaw Park in Canandaigua for its Pinnacle North project.

The intent is to turn a blighted area along the north shore of Canandaigua Lake into a hub of economic revitalization, with residences, recreation andtourism opportunities, the developers said.

The plans include roughly 450 one-, two- and three-bedroom lakefront residences, as well as restaurant, retail and designed outdoor environments.

The purchase price of the property was not disclosed.

Morgan-LeChase first unveiled early conceptual plans in June 2013 for a mixed-use development project then referred to as the North Shore.

Since then, the project team, which includes architect David Hanlon, has worked with local and state government on approvals for the first phase. 

"We have put an enormous effort into the planning of this development while working collaboratively with the support of many private and public lenders, as well as local and state officials,” said William Goodrich, president and CEO of LeChase Construction Services LLC, in a statement. 

A projected 20- to 24-month construction timeline is expected once the company breaks ground in the next couple of weeks and begins the clean-up. 

“We are very optimistic about the prospects we are in discussions with for the public-use building and believe this space will be a premium destination feature for both local residents and visitors,” said Kevin Morgan, Morgan-LeChase vice president, in a statement.