Business
Tiderock Companies, Inc. Selected as Real Estate Developer by 5 Bridges Management
Tiderock Companies, Inc. Selected as Real Estate Developer by 5 Bridges Management.
About this update from Tiderock Companies Inc.
[{"type":"text","content":"BALTIMORE, MD / ACCESSWIRE / November 23, 2021 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC PINK:TDRK) is pleased to announce that is has signed a Letter of Intent with 5 Bridges Management LLC ("5 Bridges") to become Developer for their 12-unit townhouse project located at 12 Pembroke Avenue, Hampton, Virginia.As Developer, Tiderock Companies, will provide operational support and oversight including but not limited to project management, managing the builder proposal process, marketing, budgeting, product mix, review of and negotiations for limited partner equity and debt. The estimated budget for this initial project is $3 million, as Developer, Tiderock will receive fees of 5% of the gross project costs. In addition, Tiderock shall be entitled to 10% of the net profits from the entire project. The Pembroke project is anticipated to commence within the next 60 days.5 Bridges Management CEO, Steven Charles commented, "I expect to grow our portfolio in the Tidewater Virginia market by 100% in 2022 and expect that Tiderock will be an important part of our development strategy." Mr. Charles is also CEO of Prima Group, Inc. a Capital Investment firm that operates both a Private Mortgage lending company and a Private Money Servicing company,Execution of definitive documents Between the Company and 5 Bridges is subject to successful completion of traditional project due diligence, in which the 5 Bridges is required to provide the following items to the Company within 10 days of execution of this agreement:(a) copies of all work product and information in 5 Bridge's possession addressing design, survey, soil, geological or the environmental condition of the Property; (b) copies of all contracts, permits, pleadings related to litigation or other agreements in Seller's possession affecting or otherwise encumbering the Property, including any and all permits and bids for the demolition of the buildings on the site; (c) copies of all the real estate tax bills for the real property which comprise the Property for 2019, 2020 and 2021 (if received by Seller); (d) evidence of development entitlements and approvals applicable to the Property from the appropriate governmental authorities. Tiderock CEO, Thomas Fore stated, "This 12-unit project with 5 Bridges Management, ...