MIAMI, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Community Redevelopment (OTC: CRDV) ("the Company"), a developer of community oriented real estate in urban and suburban markets with a focus on all aspects of the real estate development cycle, today issued a letter to shareholders from its Chief Executive Officer, Charles Arnold.
Dear Fellow Shareholders,
Our mission at Community Redevelopment is that we are committed to sustainable community development constructing high-quality mixed-use, multifamily residential, and commercial properties in culturally diverse markets. Over the last year, we’ve made significant strides toward achieving that mission, and now find ourselves transitioning to an all-inclusive finance and real estate company investing in the future of urban and suburban communities in the U.S. and abroad.
Why Community Redevelopment is Important
Before I discuss the milestones Community Redevelopment achieved in 2021, I would like to provide a reminder of the problem we are targeting and our mission to impact it. At its core, the problem is simple – with recent studies showing rising levels of income inequality in the United States, the question of economic mobility has become increasingly more important. Community Redevelopment can help impact economic mobility by focusing on partnerships between the public and private sector to generate both business interest and business activity in low-income neighborhoods that have gone unnoticed by the development community at large, while repairing and amending relationships in these underserved communities. Our Company intends to work with other real estate developers, as well as local and state government agencies to implement the community’s vision for our projects. We are confident in our ability to deliver community centric projects because we have built a team that understands the challenges facing underserved communities from living and working in them.
Corporate Actions and Key Executive Appointments
We began 2021 with a motivated team in place making preparations to implement our business plan. In the first quarter we became a fully reporting company when we filed a Registration Statement, including audited financial statements for the years ended December 31, 2018 and December 2019, with the U.S. Securities and Exchange Commission to register Community Redevelopment's common stock under the Securities Exchange Act of 1934. By becoming an SEC reporting company, we not only demonstrate our continued commitment to transparency and communication, but provide a valuable means of insight for our shareholders. By midyear we announced an independent Board of Directors, a Compensation Committee, and an independent Audit Committee, by electing Joe Gibbons and Randy Avon to both. Mr. Gibbons is a technology executive and previous elected official, while Mr. Avon is an international trade executive who previously owned am investment banking firm. Both men continue to add a wealth of information to Community Redevelopment’s board.
As we built out our board and executive leadership team for future growth, we appointed Garfield Antonio as President of Community Redevelopment, and to our Board of Directors. Mr. Antonio is a highly acclaimed, award winning minority real estate executive who has developed in excess of two million square feet of construction throughout his career. He is the co-founder of The Velocity Companies a leading Real Estate Development Company headquartered in Washington DC, as well as a minority owner of the Gastonia Honey Hunters, an Atlantic League Minor League Baseball team. Mr. Antonio has more than 30 years of experience in banking, financing, and real estate development where he specializes in apartments and commercial real estate development that requires an understanding of Municipal Financing, Tax Incentive Financings (TIFs), Tax Exempt Bonds, Private Placement Bond Financing, Planned Community Developments, and pioneering emerging markets. We began 2022 with a world-class team in place as we set the stage for continued operational momentum and expansion.
Commercial Property Acquisitions
In the third quarter Community Redevelopment executed a Merger Agreement through which it acquired a portfolio of membership interests in six commercial retail, multifamily and mixed-use properties, in the Washington, DC Metro area. The properties are comprised of retail, multifamily and mixed-use development projects, and were in line with our acquisition strategy of acquiring quality, well positioned real estate in markets with robust growth and demographics, anchored by strong tenants. The Washington D.C. metropolitan area remains strong as a result of increased government spending. These properties are located in a market that is thriving and generating robust job growth with significant demand for housing.
We anticipate acquiring several properties and expanding into other markets. Community Redevelopment Inc. is currently seeking additional opportunities in the Mid Atlantic, South East, and Gulf Coast states markets. Community Redevelopment’s business model creates a tremendous advantage in the marketplace, while providing long-term value. Our ability to acquire and develop single and multi-family rental properties that can either be held by us, or sold to regional and national companies, further strengthens our market standing. We believe our strategy of working with federal, state, and local governments, as well as community leaders and other developers in our principal geographic areas and our targeted areas for expansion will provide us with a diverse product portfolio and an opportunity to increase our overall market share and value
Our Shared Future and Final Words
Moving forward in 2022, we plan to aggressively pursue the acquisition, development, constructing, and management of high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States. Our plans call for significantly contributing to our targeted communities by providing a comprehensive neighborhood plan that includes public green space, high-quality housing, neighborhood supporting retail, and local job creation. Community Redevelopment recently embarked on its first Reg A offering to support our 2022 business plan. More information on our Reg A can be found on Community Redevelopment’s website at www.comredev.com.
In 2022 Community Redevelopment plans to open, a property management division, an investment asset management division, and a full service, in-house real estate brokerage in the Miami Metropolitan Area with a commercial & residential division. The newly formed brokerage will specialize in residential sales and providing commercial real estate investment services to maximize value for clients. The mission of Community Redevelopment’s brokerage will be to ensure that the entire process of acquiring, selling, and leasing real estate is positive for all parties involved: Buyers, Sellers, and Realtors. Community Redevelopment plans to provide expertise in the areas of acquisition and disposition of multifamily, mixed-use, retail, land, and office assets as well as for-sale residential (single-family homes, townhomes, vacation homes, and condominiums).
Real estate in Miami-Dade County continued to post record results as December 2021 was the best sales month in history. During the month of December, we saw many records fall, such as the most all-time annual total home sales, highest annual total dollar volume, most single-family home sales, and most condo transactions, according to the MIAMI Association of Realtors and the Multiple Listing Service system. Not only was December strong, we saw 49% more sales and 103% more-dollar volume in 2021 than in 2020. We believe 2022 will see more global companies relocating to Miami and more people moving from high-tax, high density cities, which will bode well for our real estate brokerage and development businesses.
Our diverse team is our strength. As a result, we actively promote diversity and inclusion in all our projects by ensuring minority, women-owned, and small business participation in our industry. In 2021, we announced our firm commitment to sustainability and corporate responsibility, and we believe non-financial factors, such as environmental, social, and governance are a major part of identifying material risks and growth opportunities.
We look forward to sharing our accomplishments in the coming year as we strive to create value for our customers, shareholders, employees and communities – and we thank all our stakeholders for their support of our mission.
Sincerely,
Charles Arnold
Chief Executive Officer
About Community Redevelopment
Community Redevelopment affords potential investors a significant opportunity to participate in the process of identifying and redeveloping entire communities and regional areas, via a publicly traded company. Community Redevelopment Inc. is a full-service real estate company with a management team that has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States, as well as capital markets. The Company is focused on all aspects of the real estate development cycle including land development, design build, property operations, and site redevelopment. In addition to the ownership of our operating property portfolio, Community Redevelopment plans to develop and build desirable properties for its own account and through joint ventures with affiliated and unaffiliated partners.
Community Redevelopment, Inc. is focused on community development in urban and suburban markets and our mission is to integrate our proprietary business model by providing sustainable, long-term value to investors as we strive to provide opportunities to improve neighborhoods with residential, commercial, and industrial development projects while designing architecturally pleasing, clean, energy efficient communities and commercial structures. For more information on Community Redevelopment Inc., please contact us at (954) 233-1481, or (800) 210-9438 for those outside of the calling area. You may also visit our website at www.comredev.com.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 10-Q Report filed on May 17th, 2021. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
For Investor Relations, please contact:
David Kugelman
(800) 210-9438 extension 5
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
ir@comredev.com
