Business
CAVU Resources' Sinacori Builders Secures Investment Group and Closes on $5.1 Million Dollar Property to Build up to a 37 Story Apartment Condo Tower in Uptown Charlotte
CAVU Resources' Sinacori Builders Secures Investment Group and Closes on $5.1 Million Dollar Property to Build up to a 37 Story Apartment Condo Tower in Uptown Charlotte.
About this update from Cavu Resources Inc.
[{"type":"text","content":"\n CHARLOTTE, N.C., Dec. 03, 2020 (GLOBE NEWSWIRE) -- CAVU Resources, Inc. (OTCPK: CAVR) today announced that its wholly owned subsidiary Sinacori Builders has successfully closed on a 0.98 acre property located at 712-722 N Smith Street in Charlotte, North Carolina, for $5,100,000. On January 21st, 2020, Sinacori Builders received notification from the Charlotte City Council that its rezoning application on the property had been approved, allowing for a mixed-use development containing up to 362 condos or apartments to be built. In July 2020, following the successful rezoning, Sinacori Builders had the property appraised and a value of $7,700,000 was assigned, representing the creation of $2,600,000 in equity. Sinacori Builders with Investment Group, “Smith Street Ventures” is currently interviewing experienced and qualified commercial builders capable of constructing a 37-story luxury residential, transit-oriented high-rise building. A planned CATS (Charlotte Area Transportation System) Light-rail Station will be constructed in the front of the tower that spans throughout Uptown Charlotte. Features Being Considered Included in the Concept: 362 apartment units, each featuring a commercial grade indoor grow cabinet allowing for the cultivation of organic fruits and vegetablesOrganic-focused retail outletsRecreation, wellness, and fitness facilitiesA destination pool surrounded by tropical palmsA garden in the sky with vibrant flowers, lush tropical landscape, and breathtaking unobstructed 360-degree views of Charlotte In February 2020 Sinacori Builders contracted emma + co., a real estate consulting firm based in Charlotte, North Carolina, to complete a proforma and market review & strategic plan on 712-722 N Smith Street. This market review & strategic plan can be viewed on the Company’s OTC Markets disclosure page along with the property’s approved site plan from the Charlotte City Council. https://backend.otcmarkets.com/otcapi/company/research/265775/content “Both Russ Sinacori and I had residences in Uptown Charlotte. Russ, The Museum Towers and I, The Vue, we both shared the same incredible quality of life. Charlotte is an amazing city and Uptown Charlotte is the heartbeat of the city. I used to stand outside on my 48th floor balcony often. Ironically, my condo balco...