It’s one thing for a Connecticut real estate development management company to survive in today’s economy. It’s another thing to thrive. And that’s exactly what Riverview Realty and Development Corp. has done by posting its best year ever in 2008, with revenues of $87 million, a 97 percent increase over 2007.
A combination of changing market conditions and practicing the kind of foresight and positioning they advise their clients to do in long-range planning was critical to their success, said Leonard Schiraldi, the company president.
He explained that their success was due, in part, to the capital markets, which began tightening at the end of 2006 into 2007, making financing for his owner-developer clients more complex. This led to a number of his client’s key projects starting later than planned, and some projects closing later than originally scheduled.
“It led to a kind of cumulative effect, resulting in a substantial amount of business for us,” he said. But, like the businessman who points out that the harder he works, the luckier he gets, Schiraldi explained that his company’s success doesn’t simply happen by accident.
“We’ve got great people here,” he said. “They’re the critical component to our success. We’ve got great clients and a terrific supply network and all that works together. We work hard to position ourselves long term so that we can respond when the kinds of things over which you have no control develop. It’s precisely why an owner would choose a project-management company with a business model like ours, rather than employing the traditional do-it-yourself design it, bid it, build it approach.”
Schiraldi said that over 90 percent of his business is repeat business from existing customers. While the vast amount of Riverview’s clients are Connecticut based, he said, they’ve done business in about 15 to 20 other states.
Riverview was founded in 1989 by Schiraldi’s wife of 44 years, Michele. At that time, Riverview was that rare, woman-owned business in a heavily male dominated industry. Under Michele’s leadership, the company specialized primarily in developing retail stores, mostly supermarkets, according to Schiraldi. Michele is semi-retired now, enjoying the couple’s three grandchildren, though, Schiraldi said, she maintains a strong interest and financial stake in the privately held firm.
Today, Riverview is involved in the construction of hotels, malls, business, retail centers and more. Schiraldi said the company prefers to work with experienced developers on projects worth anywhere from $5 million to $50 million or more.
About eight or nine years ago, Schiraldi said, Riverview became involved with public school construction in New Haven. Since, school construction has grown into a niche for them,he said, and their portfolio now includes numerous area schools and related projects. They also are major players in the construction of affordable housing with both public and private developers, Schiraldi said. This reflects his passion, he said, of some 40-plus years’ involvement in both public and nonprofit roles in helping ensure the availability of quality affordable housing in Connecticut.â
Riverview Realty & Development Corp.
Senior Executive: Leonard Schiraldi, president
Location: Cromwell
Local Employees: 17 – Hartford; 30 – Statewide
Winning Category: Revenue
