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BBX Capital Real Estate and The Altman Companies Break Ground to Develop Altís Blue Lake in West Palm Beach, Florida
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
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Rhea-AI Summary
BBX Capital Real Estate, a subsidiary of BBX Capital, Inc. (OTC-PINK:BBXIA, PINK:BBXIB), has announced the groundbreaking of Altís Blue Lake in West Palm Beach, Florida. This luxury garden apartment community will feature 318 units with planned amenities including a resort-style swimming pool and a fitness center. BBXRE has invested approximately $0.3 million in the development and anticipates an additional $0.7 million investment as the project progresses. The first units are expected to be completed in 2023.
Positive
BBXRE to invest a total of $1 million in Altís Blue Lake development.
The community will provide luxury amenities, enhancing market appeal.
Expected delivery of first units in 2023, indicating active project timeline.
Negative
Development risks include potential cost overruns and delays.
Returns on investment may not meet expectations.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--
BBX Capital Real Estate (“BBXRE”), a wholly-owned subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) and an owner of 50% of the equity interests in The Altman Companies, a developer and manager of multifamily apartment communities, announced today that The Altman Companies has broken ground to develop Altís Blue Lake in West Palm Beach, Florida.
Altís Blue Lake is planned to be a three-story, 318-unit luxury garden apartment rental community offering one, two, and three-bedroom apartment homes with private entry and direct access garage options. It is expected that the community’s offerings to its residents will include membership to The Club, which is planned to include a 24/7 fitness center, a cybercafe, workspace lounges, a private conference room, and a game room, as well as an approximately 6,000 square-foot clubhouse and a resort-style swimming pool with pool cabanas and grilling stations. Altís Blue Lake is planned to be National Green Building Standard (NGBS) certified. The Altman Companies expects to deliver the first units at Altís Blue Lake in 2023.
Upon the commencement of the development, BBXRE directly invested approximately $0.3 million in the managing member of the joint venture formed by The Altman Companies to invest in the development of Altís Blue Lake and currently expects to invest an approximate additional $0.7 million in the managing member as the development progresses.
About BBX Capital Real Estate:BBX Capital Real Estate, a principal holding of BBX Capital, Inc., is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. In addition, BBX Capital Real Estate owns a 50% equity interest in The Altman Companies, LLC, a developer and manager of multifamily rental apartment communities, and manages the legacy assets acquired in connection with BBX Capital Inc.’s sale of BankAtlantic in 2012, including portfolios of loans receivable, real estate properties, and judgments against past borrowers. For more information, please visit www.BBXCapitalRealEstate.com.
About The Altman Companies: The Altman Companies, a joint venture between BBX Capital Real Estate and Joel Altman, is engaged in the development, construction, and management of multifamily apartment communities. Since 1968, The Altman Companies and its predecessors have developed, constructed, acquired, and managed over 26,000 multifamily units throughout the United States, including communities in Florida, Michigan, Illinois, Tennessee, Georgia, Texas, and North Carolina. For more information, please visit www.altmancos.com.
About BBX Capital, Inc.:BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) is a Florida-based diversified holding company whose principal holdings include BBX Capital Real Estate, BBX Sweet Holdings, which includes IT’SUGAR, and Renin. For additional information, please visit www.BBXCapital.com.
This press release contains forward-looking statements. Forward-looking statements are based largely on current expectations of BBX Capital, Inc. (the “Company”) and The Altman Companies and involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans, or other statements, other than statements of historical fact, are forward-looking statements The forward-looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These risks and uncertainties include, but are not limited to, the risk that Altís Blue Lake will not be developed as currently planned or anticipated; risks related to the development, including that costs may be greater than anticipated and that development may take longer than anticipated, the risk that the Company’s actual cash contributions to the joint venture formed to invest in the development may be greater than anticipated; the risk that the Company’s investment in the joint venture may not achieve the returns anticipated or be profitable, and other economic, competitive and other risks relating to real estate and real estate development.Reference is also made to the other risks and uncertainties described in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which are available on the SEC's website, https://www.sec.gov, and on the Company’s website, www.BBXCapital.com. The Company cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made.
