Stephen Development

What Stephen Development does

Stephen Development is a family-owned real estate development and property management firm headquartered in Clarence, New York, with origins dating to approximately 1984 — roughly 40 years of continuous operation in the Western New York submarket. The company develops, owns, and manages a diversified portfolio spanning commercial and mixed-use retail (Main Center, Willow Square, Del Prado Mall in Cape Coral FL), residential rentals including the eight-story Jefferson in Niagara Falls and 55+ housing at Rock Oak Communities, hospitality (a 205-room Buffalo Airport Hotel and a Sleep Inn & Suites plus banquet space), industrial (Clarence Solar Industrial Park, ICE Industrial Center), and 20 MW of community solar generation across Dunkirk and Clarence. Approximately 90% of tenants in its flagship commercial plazas are women- or minority-owned businesses, positioning the company as a curated SMB landlord in addition to its institutional-scale holdings.

The business model is multi-stream: base rental income from residential and commercial leases; hotel revenue from owned and operated hospitality assets; solar generation revenue from 20 MW of community solar projects (including a 9.8 MW, 42-acre Dunkirk project powering roughly 1,500 homes); and ancillary service income from a car wash, driving range, float spa, the Main Stage co-working space (launched April 2024), and the Clarence Creative Kitchen commercial kitchen. Go-to-market is owner-direct leasing and direct-to-consumer hospitality, with no disclosed channel partners, franchise model, or external property management contracts. Capital structure is private and family-controlled with no disclosed outside funding rounds.

Operationally, the company has expanded into adjacent verticals in 2023–2024 — opening the Buffalo Airport Hotel, gaining regulatory approval for Dunkirk community solar, launching Main Stage co-working and the Clarence Creative Kitchen, opening BestCellar Book Bar in Summer 2024, and operating the Del Prado Mall in Florida — indicating an active, multi-vertical growth posture within Western New York and a first out-of-state foothold. There is no disclosed use of AI, proprietary technology platforms, or third-party SaaS stack beyond standard property management.

Name

Stephen Development

Legal name

Stephen Development LLC

Website

https://stephendevelopment.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

1–10 employees

Short description

Stephen Development is a family-owned real estate developer and property manager based in Clarence, NY, operating a diversified Western New York portfolio across commercial, residential, hospitality, industrial, and community-solar assets, with a recent expansion into Cape Coral, Florida.

Ownership category

akta.pro rank

Product category

Real Estate Development and Property Management

NAICS

Real Estate Property Managers (53131)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Operators (No Developers) & Lessors (6510), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH), Single-Family Rental (SFR) Property Management (BPAJAFAB)

Keywords

• Real estate development
• Property management
• Commercial leasing
• Multifamily residential
• Community solar

Headquarters

HQ city

Clarence

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Commercial Property Rental: Rental income from commercial retail, office, and mixed-use properties including Main Center, Willow Square, and various plaza locations
2. Residential Property Rental: Income from multifamily residential properties including apartments, townhouses, and manufactured housing communities
3. Hospitality Operations: Hotel and service business revenue from Buffalo Airport Hotel, Sleep Inn & Suites, car washes, driving range, and float spa
4. Industrial and Manufacturing Leasing: Rental income from industrial facilities including manufacturing buildings, warehouses, and the Clarence Solar Industrial Park
5. Community Solar Energy: Revenue from community solar projects generating renewable energy for residential and commercial customers in New York State

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Stephen Development is a family-owned real estate development and property management firm that acquires, develops, renovates, leases, and operates a diversified portfolio of commercial, residential, industrial, hospitality, and renewable energy properties across Western New York and Florida. The company generates recurring rental income from mixed-use lifestyle centers, multifamily residential units, hotels, manufacturing facilities, 55+ manufactured housing communities, and community solar projects, while also operating coworking and commercial shared kitchen facilities.

Product overview

Stephen Development is a family-owned real estate development and property management company operating across Western New York. The company offers a diversified portfolio of commercial and mixed-use properties (including Main Center and Willow Square plazas), multifamily residential units (The Jefferson, townhouses in Clarence, Chalets at Red Rock tiny houses), hospitality businesses (Buffalo Airport Hotel, Sleep Inn, Clarence Driving Range, Car Wash), industrial properties (manufacturing facilities, ICE Industrial Center), community solar projects (Dunkirk and Clarence), Rock Oak 55+ manufactured housing communities, Lakeside residential developments, and coworking/commercial kitchen spaces (Main Stage and Clarence Creative Kitchen). The company also owns Del Prado Mall in Cape Coral, Florida.

Differentiator

Problem solved

Functional benefit

Brands

• Clarence Creative Kitchen (CCK): Full-service commercial shared kitchen located at 9580 Main Street in Clarence, offering commercial-grade equipment, 24/7 access, and food truck parking.
• Main Stage
• Lakeside Quality Homes

Products and services

• Main Center Mixed-use lifestyle center at the heart of Main Street in Clarence boasting nearly 20,000 sq ft of commercial retail space with apartments and townhouses, hosting 90% women and minority-owned businesses.
• Willow Square Mixed-use lifestyle center on Main Street in Clarence featuring an assortment of retail storefronts and luxurious townhouse apartments, with 90% women and minority-owned businesses as commercial tenants.
• Del Prado Mall 80,000-square-foot retail power center located in the heart of Cape Coral, Southwest Florida's fastest-growing city.
• The Jefferson - Niagara Falls 8-story apartment building at the heart of Niagara Falls offering spacious apartments and extended-stay corporate suites.
• Buffalo Airport Hotel The closest hotel to Buffalo Airport offering free 24-hour shuttle service and the only fully independent, full-service hotel serving the Buffalo Airport.
• Sleep Inn & Suites Buffalo Airport Hotel opened in 1997, a flagship of the Sleep Inn franchise brand serving the Buffalo Airport with 24-hour shuttle service.
• Rock Oak Communities New York State's premier 55+ manufactured housing community with properties in Clarence and Akron.
• Lakeside Quality Homes Residential development projects including Lakeside of Brocton, Lakeside of Dunkirk, and Lakeside of Silver Creek.
• Main Stage Clarence's first coworking space with fully furnished offices, monitors, network access, 24/7 secured access, free high-speed internet, conference room access, shared receptionist, and free parking.
• Clarence Creative Kitchen Clarence's only full-service commercial shared kitchen offering commercial-grade equipment, ECDOH certified commissary kitchen, 24/7 access, free refrigerated/frozen/dry storage, and food truck parking for food trucks, caterers, meal prep services, and delivery/ghost kitchens.
• Dunkirk Community Solar Project Two separate solar projects covering nearly 42 acres of land generating approximately 9.8 megawatts of energy—enough to power 1,500 homes. Allows Dunkirk community residents and businesses to save more than one month per year of electric bills.
• Clarence Solar Industrial Park Business park with 9 industrial lots that will potentially tap up to 40% of the Clarence Community Solar project output to renewably power new manufacturing and distribution facilities. First 55,000 sq. ft. manufacturing facility at 4280 Research Parkway set for completion in Summer 2024.
• Clarence Driving Range Open 24/7 365, featuring over a dozen grass and matted tee boxes lit for nighttime use, plus golf lessons and a putting green.
• Clarence Car Wash Independent car wash located on Main Street in Clarence featuring four manual bays, two touchless automatic bays, and one truck bay.
• Stephen Banquets @ The Yard Full-service outdoor event space next to the Buffalo Airport Hotel featuring a pavilion, water fountains, full-service bar, and outdoor heating.
• Crossroads Medical Center Over 10,000 square feet of new-built class-A medical space at the busy intersection of Main Street and Sheridan Drive, featuring three large suites.
• Chalets at Red Rock Innovative multifamily redevelopment of a motel property based around the tiny house concept, providing affordable and private housing in Clarence.

Quantifiable outcome

• Power 1,500 homes with community solar
• +4 more outcomes

Named customers10 records

Segments8 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• OurGeneration LLCcoreStrategic or Co-development Partner · 12 June 2023Joint collaboration between Stephen Development LLC and OurGeneration LLC for community solar projects. OurGeneration specializes in community-scale solar energy projects. The partnership includes Dunkirk Community Solar Park (42 acres, 9.8 MW) and Clarence Community Solar project at the Clarence Solar Industrial Park.
• Stephen Hospitality LLCcoreOthersSubsidiary of Clarence-based Stephen Development LLC that operates the Buffalo Airport Hotel property. Owners Paul S. Stephen and James J. Stephen manage this subsidiary.
• Empire State Development CorporationminorStrategic or Co-development PartnerClarence Creative Kitchen participated in a roundtable discussion hosted by the Empire State Development Corporation on the future of Buffalo's Broadway Market revitalization.
• Choice Hotels InternationalcoreChannel Partner/ Reseller/ DistributorSleep Inn & Suites Buffalo Airport operates under the Sleep Inn franchise brand by Choice Hotels International, serving the Buffalo Airport with 24-hour shuttle service.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ciminelli Real Estate Corporation: Buffalo-headquartered commercial real estate developer and property manager with a comparable mixed-use and office portfolio across Western New York. Closest direct analog in terms of geography, asset mix, and tenant type.
• Uniland Development Company: Western New York commercial real estate developer focused on office, mixed-use, and industrial properties in the same Buffalo-area submarket. Directly comparable regional developer with similar adaptive-reuse and build-to-suit projects.
• Ellicott Development Company: Buffalo-based family-run real estate developer and property manager with a portfolio spanning mixed-use, residential, and hospitality assets in downtown Buffalo. Comparable private, multi-generational developer in the same geography.
• Savarino Companies: Buffalo-area construction and development firm with mixed-use, multifamily, and commercial projects across Western New York. Comparable regional developer-operator with similar Main Street mixed-use exposure.
• Sinatra & Company Real Estate: Buffalo-based commercial real estate development and management firm focused on urban mixed-use and adaptive-reuse projects. Closely comparable in business model, scale, and Western New York footprint.

Broad incumbents

• Sun Communities: Public REIT operating manufactured housing and 55+ communities nationally. Directly comparable for Stephen Development's Rock Oak 55+ manufactured housing segment; broader scale and public capital access make it a broad incumbent analog.
• Kimco Realty: Large public retail-focused REIT with a national open-air shopping center portfolio. Comparable for Stephen Development's Main Center, Willow Square, and Del Prado Mall retail holdings, though at much larger scale and broader geography.
• Howard Hughes Holdings: Public master-planned community and mixed-use developer. Comparable for Stephen Development's mixed-use + residential + commercial + industrial playbook at the Clarence Solar Industrial Park, though operating at a vastly larger scale.
• Brixmor Property Group: Public retail REIT owning open-air shopping centers nationally. Comparable for Stephen Development's Del Prado Mall power-center and mixed-use plaza operations, though substantially larger and geographically diversified.

Emerging players

• Nexamp: Community solar developer and operator with projects across the U.S. Northeast. Most directly comparable peer for Stephen Development's 20 MW Dunkirk/Clarence community solar portfolio and partnership model with OurGeneration LLC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/clarencecreativekitchen
• Xx.com/stephen_develop

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stephen Development