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Developer invests $200K for retail, rental ADVERTISEMENT

Developer invests $200K for retail, rental

PENN YAN--What began as a hotel in the late 1800s along Main Street has now become an upscale vacation rental space in downtown Penn Yan. Chris Wright of Wright Restoration Properties LLC purchased the former Sheridan House Hotel in 2013 for $80,000, adding the renovations he conducted with his brother and father amounted to some $200,000.
This includes fixes to the retail space on the ground floor along with the renovations to the 400 square-foot studio and the 800 square-foot two-bedroom apartment on the second floor. While originally from Rochester, his family visited the region while he was a child, adding he would frequently go to Keuka Lake.
"I started this because I grew up coming to the lake," Wright said. "I have a strong family connection to the village."
The building was first constructed in the 1870s by John Sheridan and was operated as the Sheridan House Hotel. Wright said during the 20th century, various retail businesses occupied the first floor with residential tenants occupying the second floor. By 2001, the building had undergone many interior changes and had endured a fair amount of neglect. While he is not positive, Wright said he has a great great great grandfather named Ed Sheridan from the area, who he suspects might be related to John.
Wright said they began the design process a year ago, with the first construction work beginning in January. He noted they had to design a new floor plan for the second floor in order to make it more efficient. Wright added they were able to restore the 1870s pine flooring to give the space more of its original look.
In 2014, Wright mentioned he took part in the village's facade program for exterior renovations, noting they installed custom wood windows on the second floor to resemble the originals. He said at some point, the ceiling in the second floor was lowered from 10.5 feet to eight feet, so they had to move it back to its original height during renovations. The construction wrapped up in the early summer, operating as a daily vacation rental.
Wright said he will be leasing out the first floor to a retail business. He plans to do the build-out through the winter so the store can open by next spring. He said he is hoping a lease will be signed by the end of the week, adding he did not want to reveal the potential retailer until it has already been signed. However, Wright noted he is trying to be selective as to who he leases the space to, adding he wants it to be the type of place that will help bring more visitors to the downtown area.

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