Community Redevelopment Continues Expansion; Signs LOI To Acquire An Upscale Residential Development Property In The Orlando Suburb Of Gotha, Florida

Rhea-AI Summary

Community Redevelopment (OTC: CRDV) announced signing a Letter of Intent (LOI) to acquire a 14.48-acre residential parcel in Orlando, anticipated to close in Q1 2023. The acquisition is expected to add millions to CRDV's balance sheet, enhancing their position in the real estate market. CV Inc. facilitated the deal. CEO Garfield Antonio expressed confidence in Florida's residential market growth due to supply constraints and rising construction costs. The company aims to expand its real estate footprint across the Mid-Atlantic and Southeastern U.S.

Positive

• Acquisition of a valuable 14.48-acre residential parcel expected to add significant real estate assets.
• Confidence in Florida's residential market projected for continued growth.
• Potential for increased shareholder value through property development.

Negative

• None.

Gotha is located minutes from Downtown Orlando and is bordered by Ocoee to the North, Windermere to the South and West and MetroWest to the East

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 1^st 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 17^th, 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

FAQ

What property is Community Redevelopment acquiring?

Community Redevelopment is acquiring a 14.48-acre residential parcel in Orlando.

When is the acquisition expected to close?

The acquisition is anticipated to close in the first quarter of 2023.

What is the strategic importance of this acquisition for CRDV?

The acquisition is expected to add millions in real estate assets to CRDV's balance sheet, enhancing its market position.

Who facilitated the acquisition for Community Redevelopment?

CV Inc., an engineering firm, played a key role in sourcing the property.

What are Garfield Antonio's views on Florida's real estate market?

Garfield Antonio expressed confidence in continued growth due to supply constraints and rising construction costs.