Community Redevelopment Frames Plans For Growth; Signs LOI For Residential Joint Venture In San Antonio, TX

Rhea-AI Summary

Community Redevelopment (OTC: CRDV) has signed a Letter of Intent (LOI) for a joint venture to develop 113 duplex homes in San Antonio, TX, totaling 226 housing units. The development includes amenities such as a clubhouse, pool, and playground. Community Redevelopment will be the majority owner of a new LLC for this project, partnering with a Massachusetts-based developer. The project aims to address the growing need for affordable housing in an area poised for growth due to military presence and a burgeoning cybersecurity sector.

Positive

• Joint venture for 113 duplex homes, enhancing housing supply in San Antonio.
• Partnership with a Massachusetts-based developer likely to bring expertise.
• Projected growth in San Antonio driven by military presence and cybersecurity sector.

Negative

• None.

Community Redevelopment will joint venture to develop 113 duplex homes consisting of 226 housing units

MIAMI, Feb. 07, 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 an LOI for a residential joint venture in San Antonio, TX.

The development will feature 113 duplex homes consisting of 226 housing units with 3 bedrooms, 1.5 bathrooms, and a one car garage. The project will also have a clubhouse, a pool, and a playground area. The terms of the LOI for the Joint Venture call for Community Redevelopment to be the majority of a newly formed LLC, which will be utilized to acquire, develop, rent, and ultimately sell the property. A Massachusetts based developer will be the joint venture partner.

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.

Garfield Antonio, President of Community Redevelopment, said, "San Antonio relies heavily on tourism, and while it was hit hard at the height of the pandemic, it has also rebounded quickly and shown steady growth. San Antonio has an over 300-year military presence, graduating almost 40,000 military trainees making Joint Base San Antonio the largest U.S. Installation. Beyond the military influence, San Antonio has a growing cyber security sector, start-up companies, along with banking and financial services. We believe these assets will combine for even stronger growth in San Antonio, pushing demand Northeast to the area between San Antonio and Austin - the area where this development is located – creating a tremendous need for housing that is affordable."

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 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.

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 is the new joint venture project by Community Redevelopment (CRDV)?

Community Redevelopment has announced a joint venture to develop 113 duplex homes in San Antonio, TX, consisting of 226 housing units.

When was the LOI for the joint venture signed by CRDV?

The Letter of Intent (LOI) for the joint venture was signed on February 7, 2022.

What amenities will the new housing development by CRDV include?

The development will feature a clubhouse, pool, and playground area.

How will the joint venture benefit Community Redevelopment (CRDV) shareholders?

The joint venture offers shareholders a chance to benefit from trends in the real estate market with increased liquidity compared to direct real estate ownership.