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Community Redevelopment Continues Expansion; Signs LOI To Acquire An Upscale Residential Development Property In The Orlando Suburb Of Gotha, Florida
Community Redevelopment Continues Expansion; Signs LOI To Acquire An Upscale Residential Development Property In The Orlando Suburb Of Gotha, Florida.
About this update from Community Redevelopment Inc.
[{"type":"text","content":"\n 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 1st 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 throughou...