MIAMI, Jan. 24, 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, announced today that it has signed a Letter of Intent (LOI) to acquire 100% of an upscale 14.48-acre residential parcel in the heart of Orlando. CV Inc., an engineering firm focused on sustainable and innovative solutions to the real estate industry, played a key role in sourcing the property for Community Redevelopment.
The Company expects to execute the definitive agreements during the first quarter of 2022 with closing occurring in the 1st quarter of 2023. As a result, Community Redevelopment will add millions of dollars in real estate assets to its balance sheet. Community Redevelopment will provide deposit to the seller, which shall be credited toward the purchase price at closing.
Community Redevelopment offers investors an opportunity to participate in the growth in the real estate market by being a shareholder. As an owner of shares of common stock, investors experience significantly increased liquidity as compared to owning real estate.
Chinmay Vyas, PE, CFM, LEED, President and CEO of CV, Inc., who worked closely with Garfield Antonio of Community Redevelopment to finalize the land deal, said, "I have provided engineering services to Garfield’s real estate transactions for almost a decade. During this time, I have realized Garfield brings a strong sense of ethics and commitment to the communities he develops. I look forward to seeing this piece of property being developed as a signature statement by Community Redevelopment."
Garfield Antonio, President of Community Redevelopment, said, "We are confident in Florida’s residential market as we believe it will continue to see strong growth over both the short and long term. Supply constraints in existing residential real estate along with rising construction costs for new product will continue to drive both home prices and rental rates upwards across the board. This 14.48-acre parcel is a high quality, well-maintained property with tremendous development capabilities. Community Redevelopment is continuing to set the stage to expand our footprint of highly-functional, well-located properties in attractive markets throughout the Mid-Atlantic and Southeastern United States."
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
