Greenbriar Executes Binding Agreement to Acquire the 1,361 Acre Cordero Ranch Project Located in Cedar City, Utah
Greenbriar Sustainable Living (TSXV: GRB, OTC: GEBRF) has executed a binding agreement to acquire the 1,361-acre Cordero Ranch project in Cedar City, Utah. The property, purchased by Tommy Sullivan in 2002, has a Master Plan Development Agreement from 2009 that approves the construction of 6,726 homes with full city services.
The company plans to revise the Master Plan through Watson Engineering to include a new south campus for Southern Utah University (SUU), retail spaces, offices, and sustainable entry-level homes starting at $300,000+. The Utah approval process is expected to take less than six months, significantly faster than California projects.
The project has strategic importance for SUU's expansion plans from 14,700 to 30,000 students, with a focus on married student housing, which represents 30% of the student body. The university regularly executes 30-year lease agreements on housing.
Greenbriar Sustainable Living (TSXV: GRB, OTC: GEBRF) ha firmato un accordo vincolante per acquisire il progetto Cordero Ranch di 1.361 acri a Cedar City, Utah. La proprietà, acquistata da Tommy Sullivan nel 2002, possiede un Accordo di Sviluppo del Piano Master del 2009 che approva la costruzione di 6.726 abitazioni con tutti i servizi comunali.
L'azienda prevede di rivedere il Piano Master tramite Watson Engineering per includere un nuovo campus sud per la Southern Utah University (SUU), spazi commerciali, uffici e abitazioni sostenibili di livello iniziale a partire da oltre $300.000. Il processo di approvazione nello Utah dovrebbe richiedere meno di sei mesi, notevolmente più veloce rispetto ai progetti in California.
Il progetto ha un'importanza strategica per i piani di espansione della SUU, passando da 14.700 a 30.000 studenti, con un focus su abitazioni per studenti sposati, che rappresentano il 30% del corpo studentesco. L'università stipula regolarmente contratti di locazione di 30 anni per l'alloggio.
Greenbriar Sustainable Living (TSXV: GRB, OTC: GEBRF) ha ejecutado un acuerdo vinculante para adquirir el proyecto Cordero Ranch de 1,361 acres en Cedar City, Utah. La propiedad, comprada por Tommy Sullivan en 2002, tiene un Acuerdo de Desarrollo del Plan Maestro de 2009 que aprueba la construcción de 6,726 viviendas con todos los servicios urbanos.
La empresa planea revisar el Plan Maestro a través de Watson Engineering para incluir un nuevo campus sur para la Southern Utah University (SUU), espacios comerciales, oficinas y viviendas sostenibles de nivel de entrada a partir de $300,000. Se espera que el proceso de aprobación en Utah lleve menos de seis meses, significativamente más rápido que los proyectos de California.
El proyecto tiene una importancia estratégica para los planes de expansión de SUU de 14,700 a 30,000 estudiantes, con un enfoque en viviendas para estudiantes casados, que representan el 30% del cuerpo estudiantil. La universidad firma regularmente acuerdos de arrendamiento de 30 años para la vivienda.
Greenbriar Sustainable Living (TSXV: GRB, OTC: GEBRF)는 유타주 시더 시티에 있는 1,361에이커 규모의 Cordero Ranch 프로젝트를 인수하기 위한 구속력 있는 계약을 체결했습니다. 이 부동산은 2002년에 Tommy Sullivan에 의해 구매되었으며, 2009년에는 6,726채의 주택과 완전한 도시 서비스를 승인하는 마스터 플랜 개발 협약을 보유하고 있습니다.
회사는 Watson Engineering을 통해 마스터 플랜을 수정하여 Southern Utah University (SUU)의 새로운 남쪽 캠퍼스와 상업 공간, 사무실, 그리고 $300,000 이상부터 시작하는 지속 가능한 입주용 주택을 포함할 계획입니다. 유타의 승인 프로세스는 6개월 이하로 예상되며, 이는 캘리포니아 프로젝트보다 상당히 빠릅니다.
이 프로젝트는 SUU의 14,700명에서 30,000명으로의 확장 계획에 전략적 중요성이 있으며, 기혼 학생 주택을 중심으로 하고 있어 전체 학생 수의 30%를 차지합니다. 대학은 주택에 대해 30년 임대 계약을 정기적으로 체결합니다.
Greenbriar Sustainable Living (TSXV: GRB, OTC: GEBRF) a signé un accord contraignant pour acquérir le projet Cordero Ranch de 1.361 acres à Cedar City, Utah. La propriété, achetée par Tommy Sullivan en 2002, dispose d'un Accord de Développement du Plan Maître de 2009 qui approuve la construction de 6.726 maisons avec tous les services urbains.
L'entreprise prévoit de réviser le Plan Maître par le biais de Watson Engineering pour inclure un nouveau campus sud pour la Southern Utah University (SUU), des espaces commerciaux, des bureaux et des maisons d'entrée de gamme durables à partir de 300 000 $. Le processus d'approbation dans l'Utah devrait prendre moins de six mois, beaucoup plus rapidement que les projets en Californie.
Le projet a une importance stratégique pour les plans d'expansion de la SUU, passant de 14.700 à 30.000 étudiants, avec un accent sur le logement pour étudiants mariés, représentant 30 % de la population étudiante. L'université conclut régulièrement des contrats de location de 30 ans pour le logement.
Greenbriar Sustainable Living (TSXV: GRB, OTC: GEBRF) hat einen verbindlichen Vertrag zur Übernahme des 1.361 Acres großen Cordero Ranch Projekts in Cedar City, Utah, unterzeichnet. Die Immobilie, die 2002 von Tommy Sullivan gekauft wurde, verfügt über eine Entwicklungsvereinbarung zum Masterplan aus dem Jahr 2009, die den Bau von 6.726 Wohnungen mit vollem städtischen Service genehmigt.
Das Unternehmen plant, den Masterplan über Watson Engineering zu überarbeiten, um einen neuen Südcampus für die Southern Utah University (SUU), Einzelhandelsflächen, Büros und nachhaltige Einfamilienhäuser ab $300.000 aufzunehmen. Der Genehmigungsprozess in Utah wird voraussichtlich weniger als sechs Monate in Anspruch nehmen, was deutlich schneller ist als bei Projekten in Kalifornien.
Das Projekt hat strategische Bedeutung für die Expansionspläne der SUU von 14.700 auf 30.000 Studierende, mit einem Fokus auf Wohnraum für verheiratete Studierende, die 30% der Studierendenschaft ausmachen. Die Universität schließt regelmäßig 30-jährige Mietverträge für Wohnraum ab.
- Master Plan Development Agreement already in place for 6,726 homes
- Fast approval process in Utah (6 months) compared to California (6 years)
- Strategic partnership with SUU for student housing expansion
- Entry-level homes starting at $300,000+ targeting growing market
- Property includes full city services (water, sewer, and ancillary)
- Acquisition price and financial terms not disclosed
- Final acquisition details still pending negotiation
- Requires revised Master Plan approval
Scottsdale, Arizona--(Newsfile Corp. - February 4, 2025) - Greenbriar Sustainable Living Inc. (TSXV: GRB) (OTC Pink: GEBRF) ("Greenbriar" or the "Company") is pleased to announce that it has executed a binding agreement to acquire the 1,361 Acre Cordero Ranch project located in Cedar City, Utah.
Mr. Tommy Sullivan, Chairman of our real estate advisory board and an investor in Greenbriar, purchased the Cordero Ranch property in 2002 in Cedar City, Utah and comprised of 1,361 acres. The property was annexed into the city in 2008 in exchange for Mr. Sullivan gifting adjudicated water rights to the city. On December 7th, 2009 the city executed a Master Plan Development Agreement for Cordero Ranch that is still in full force and effect today, approving and authorizing the construction of 6,726 homes and with the city providing full water, sewer and ancillary services. The 6,726 homes in the Master Plan comprise 2,034 acres with 4,501 of these fully approved homesites within a 1,361 acres keystone center parcel.
The company has engaged Watson Engineering, who will prepare a revised Master Plan that will augment the original plan above with a new south campus space for SUU (Southern Utah University), and include retail, offices, married student housing, and small sustainable entry-level homes, (average approximately 1,000 SF) starting at
Note that the complex environmental and political issues that Greenbriar is addressing in California, and where approval processes can take six (6) years, do not exist in Southern Utah. The approval process in Utah is an order of magnitude faster (approximately six months).
From the advisory and sales-side we partnered with our brokerage partner and close friend Colonel Dan S. Roberts, a highly recognized and respected member of the community. Dan's family founded Southern Utah University (SUU) in 1897 and his family and close friends have served SUU in many executive level capacities, including the current President. Additionally, Dan retired as a Colonel serving for 34 years in the Utah National Guard.
Dan and the Greenbriar team recently met in person with the leadership of SUU. SUU leadership regularly execute 30-year lease agreements on housing. SUU leadership indicated at our meeting that their intent is to grow the University from 14,700 students to 30,000 students. Housing is the main constraint. Because our property is over two square miles, we can offer SUU students a south campus location with specialized activity space, recreational facilities, and married student housing. Married student housing is critically important as
This distinctive housing solution is possible because of Mr. Tommy Sullivan, and his buying both a significant and substantial piece of real estate 23 years ago and holding this property for what is now the right moment. We have a binding agreement with Tommy to proceed with this acquisition. Once we file the revised Master Plan and negotiate the lease agreements with SUU, we will finalize related cash acquisition details and subject to mutual approvals.
On a separate note and in regard to Sage Ranch in Tehachapi, California, Greenbriar and Voya are now finishing the final loan agreement to build Sage Ranch in anticipation of the city filing the revised water report to the court in the offing. We are optimistic regarding a positive resolution on Sage Ranch.
About Greenbriar Sustainable Living:
Greenbriar is a developer of sustainable real estate and renewable energy. With long-term, high impact projects and led by a successful industry-recognized operating and development team, Greenbriar targets deep valued sustainable assets directed at accretive shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jeff Ciachurski"
Jeffrey J. Ciachurski
Chief Executive Officer and Director
Ph.: +1 (949) 903-5906
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking statements"). All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements relating to the Amended MD&As and the 2024 Annual Financial Statements, including the anticipated adjustments to be reflected in the 2024 Annual Financial Statements and the expected filing thereof. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget", "propose" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: market prices, continued availability of capital financing and general economic, market or business conditions. Market conditions could alter the projects of Greenbriar and such potential events like bad credit markets, worldwide economic depression, unforeseen regulatory hurdles or acts of God, could inhibit or prevent some or all of the Greenbriar projects from materializing or completing. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. For more information on the Company and important factors that could cause actual results to differ materially from the Company's expectations, investors should review the Company's continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date hereof. No obligation is undertaken to update publicly or otherwise revise any forward-looking statements or the foregoing lists of factors and assumptions, whether as a result of new information, future events or results or otherwise, except as required by law.
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FAQ
What is the size and scope of Greenbriar's (GEBRF) Cordero Ranch acquisition in Utah?
What is the timeline for approval of GEBRF's revised Master Plan in Cedar City?
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How many student housing units will GEBRF's Cordero Ranch provide for Southern Utah University?
When was the original Master Plan Development Agreement for Cordero Ranch approved?
