Tiderock Companies Hired as Developer for $120 Million, 379 Unit Multi-Family Project in Jersey City, New Jersey

Rhea-AI Summary

Tiderock Companies, Inc. (OTC PINK:TDRK) has partnered with VisionStream LLC to co-develop a $120 million multi-family project in Jersey City, New Jersey. The project will consist of a 14-story building with 379 residential units and approximately 10,000 square feet of retail space. The agreement is structured in two phases, with Phase 1 focusing on project oversight and budget finalization, expected to last around five months. Following site and financing approval, the project will enter the construction phase. This marks a significant move for Tiderock in real estate development.

Positive

• Engagement in a $120 million project demonstrates growth potential.
• Partnership with VisionStream expands Tiderock's development capabilities.
• Project includes 379 residential units, indicating significant revenue opportunity.

Negative

• None.

BALTIMORE, MD / ACCESSWIRE / May 3, 2022 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC PINK:TDRK) is pleased to announce that VisionStream LLC has engaged, Tiderock subsidiary Sora Ventures, LLC as co-development partner for its project located Jersey City, New Jersey.

Sora Ventures has entered a contract agreement with VisionStream to co-develop and construct the proposed $120,000,000, 14 story building that includes 379 units of multi-family and approximately 10,000 square feet of retail, estimated total 279,000 square feet all to be located at 597 Marin Boulevard in Jersey City, New Jersey. VisionStream currently has the land under contract to purchase and shall close upon all contingencies being satisfied.

The agreement is split into two phases, Phase 1 is to provide oversight and guidance with application for final approval is being sent to the Jersey City planning board. In addition, Sora will be assisting in finalizing project budgets, market analysis, capital structure and financing. Upon receipt of full site approval and financing approval, the project will move into the second phase otherwise known as the construction phase. It is anticipated Phase 1, will take about 5 months to complete.

The Jersey City project is one of projects Mr. Greg Filipek, Tiderock VP of Development, has been working on over the last few years and whose project rights were just assigned to Tiderock from Sora Northeast.

About Tiderock Companies, Inc.: Tiderock Companies is a diversified investment and advisory services company, specializing on real estate, land development, infrastructure, public-private partnerships and private equity with over 30 years of experience. Tiderock Companies, Inc. (OTC Pink:TDRK) is headquartered in Baltimore, MD., and can be contacted at www.tiderockcompanies.com or by phone at (800) 791-8433.

Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

For more information:

Tiderock Companies, Inc.
Thomas B. Fore, CEO
Email: info@tiderockcompanies.com
Phone: (800) 791-8433

SOURCE: Tiderock Companies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/699918/Tiderock-Companies-Hired-as-Developer-for-120-Million-379-Unit-Multi-Family-Project-in-Jersey-City-New-Jersey

FAQ

What is Tiderock's role in the Jersey City project?

Tiderock Companies is co-developing a $120 million project with VisionStream, focusing on a 14-story building with 379 residential units.

What is the timeline for the Jersey City project development?

Phase 1 of the project, involving oversight and budget finalization, is expected to take about five months.

What are the key features of the Tiderock project in Jersey City?

The project will have 379 multifamily units and approximately 10,000 square feet of retail space.

How much is the Jersey City project estimated to cost?

The project is estimated to cost around $120 million.