Business
Pure Cycle Corporation Announces Final 22 Lot Closings Marking Completion of the Initial Filing at Sky Ranch
DENVER, CO / ACCESSWIRE / November 5, 2020 / Pure Cycle Corporation (NASDAQ:PCYO) is pleased to announce it has completed the sale of the remaining finished
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / November 5, 2020 / Pure Cycle Corporation (NASDAQ:PCYO) is pleased to announce it has completed the sale of the remaining finished lots in its first filing at Sky Ranch. As consideration, Pure Cycle received $1.6 million in proceeds. These were the only remaining lots to be sold of the initial 506 lots platted in our first filing at Sky Ranch. In total, Pure Cycle received $36.7 million in lot sale proceeds from the three homebuilders for this initial filing. In addition, to date, Pure Cycle has received a total of $9.6 million in proceeds from the sale of 329 water and wastewater taps at Sky Ranch. Based on lot sizes and current tap prices, Pure Cycle expects to receive an additional $5.2 million of tap fees from the remaining 177 lots prior to the end of calendar 2021.\"Closing on the remaining finished lots in our initial Sky Ranch filing marks a tremendous milestone for Pure Cycle and its land development segment,\" commented Mark Harding, President and CEO. \"We have completed this initial filing on-budget and nearly 18 months ahead of our contractual timeline, which is a testament to how well this development has been received in the market and how well our home builder partners have done building desirable and affordable homes at Sky Ranch. Our home builders cumulatively are currently selling on average around 27 homes per month. At that rate, the first filing of Sky Ranch would be sold out entirely by the end of 2021. We continue to fill our pipeline of affordable lots and are thrilled to be launching nearly 900 lots in the second filing of Sky Ranch, with a distinguished portfolio of builders and expanding the I-70 corridor's best master planned community,\" concluded Mr. Harding.Company InformationPure Cycle is a diversified land development and private water utility services company. At our core we are an innovative and vertically integrated wholesale water and wastewater utility service provider that, in addition to developing wholesale water and wastewater utilities, develops a master planned community on land we own and to which we provide water and wastewater services.Additional information including our recent press releases and SEC filings are available at www.purecyclewater.com or you may contact our President, Mark W. Harding, or our CFO, Kevin B. McNeill, at 303-292-3456 or at info@p...