MIAMI, Feb. 15, 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 launched its new division, Mosaic Homes and signed a LOI for a residential redevelopment joint venture in Biscayne Park, FL. A LOI for a second project is currently under negotiation, and Community Redevelopment is in talks for a LOI on a third project.
The launch of Mosaic Homes by Community Redevelopment is another step toward the Company’s mission. Mosaic Homes will build or rehabilitate for-sale single family, townhomes, and condominium residential properties with an eye toward inspired sustainability. The Company will be working toward acquiring infill lots to build or to renovate properties with a focus on sustainable improvements.
For the Company’s first project, in conjunction with its joint venture partner, it will acquire the property in Biscayne Park and undertake development and construction work as is necessary to sell the upgraded single-family property upon the end of the investment period. Mosaic Homes will be responsible for all development activities.
Biscayne Park has a median property value of $457,300 in 2019, which is 1.9 times larger than the national average of $240,500. Between 2018 and 2019, the median property value increased from $405,700 to $457,300, a 12.7% increase. Biscayne Park is a triangular-shaped residential neighborhood just north of Miami Shores. Founded in the 1920’s by Arthur Griffing, who was the landscape architect for the famous Carl Fisher, this area has been one of Miami’s best kept secrets. As a result of its close proximity to Miami, this community with beautiful tree lined streets is seeing a revitalization as potential residents see the beauty in the traditional modern Miami homes of Biscayne Park.
Community Redevelopment offers investors an opportunity to participate in the growth and upside of trends 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.
Myron Jones, Head of Development for Community Redevelopment, said, “This residential redevelopment joint venture is the first of what could be many for Mosaic Homes. For our Company, we acquire equity in the project and each project chosen will have very strong upside potential as well as will improve the sustainability and help enhance the neighborhoods where we are investing. We chose Biscayne Park for our first project under Mosaic Homes, as a result of its green history, close proximity to Miami, and the rapid growth in its real estate market. This residential redevelopment project is basically a template for future projects wherever we see opportunity to make an impact.”
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.
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 November 16, 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.
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