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JZZ Technologies, Inc., Signs Agreement to Acquire 9.95 Acres for Planned Development of a 50 Unit Residential Project in South Carolina Valued, Upon Completion, at Over $10 Million
JZZ Technologies, Inc., Signs Agreement to Acquire 9.95 Acres for Planned Development of a 50 Unit Residential Project in South Carolina Valued, Upon Completion, at Over $10 Million.
About this update from Ideal Group Of Companies Inc.
[{"type":"text","content":"JZZ Technologies, Inc.’s, (“JZZ” or the “Company”) (OTC: JZZI) real estate division has signed an agreement to acquire 9.95 acres on which it intends to develop a new multi-family residential community project in upstate South Carolina within the vicinity of the area’s two university campuses. The initial development stage, including residential construction, has a projected value, upon completion, of over $10 million.The Great Bear Property real estate project in South Carolina is intended to consist of at least 50 planned residential units with the option to build additional units in a further expansion. The development of the project, marketing, and project oversight will be handled by JZZ Technologies’ real estate division, with all construction management to be provided by Lion Development Corporation, a wholly owned subsidiary of JZZ. The Real Estate Contract provides for the purchase of the subject property from the current owner for the sum of $200,000, which shall be paid pursuant to a promissory note with a three-year term, bearing interest at the rate of 5% per annum, payable from 75% of the gross profits from the property. The property shall be owned by a limited liability company to be formed, which shall be owned by JZZ and the seller. The seller shall be entitled to 75% of the net profits (net of the 75% of gross profits paid) until the note is paid and thereafter 25%.The goal of this residential development will be delivering quality housing that becomes part of a well-planned, affordable community. The focus will be a multi-family community with a range from 650 square foot to 2800 square foot residences with some units having a lock off in-law/ADU (alternative dwelling unit). These may include single-family homes, townhouses, and duplexes. The designs, architecture, features, and finishes will all contribute a modern sensibility –one that embraces current trends and utilizes sustainable materials and eco-friendly options such as green energy and green spaces while retaining a natural southern charm.South Carolina is one of several southern states experiencing mass immigration from other states as a tax haven or for improved lifestyle. According to research by the moving company United Van Lines, some of the top states people moved away from in 2022 were New York, Illinois, and New Jersey.FOX Ne...