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Tiderock Companies, Inc. Signs Letter of Intent to Co-Develop $190,000,000 Senior Living Facility
Tiderock Companies, Inc. Signs Letter of Intent to Co-Develop $190,000,000 Senior Living Facility.
About this update from Tiderock Companies Inc.
[{"type":"text","content":"\n\n\n\nTiderock Companies, Inc. Signs Letter of Intent to Co-Develop $190,000,000 Senior Living Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\nTiderock Companies, Inc. Signs Letter of Intent to Co-Develop $190,000,000 Senior Living Facility\nPR Newswire\nBALTIMORE, Sept. 21, 2021\n\n\n\nBALTIMORE, Sept. 21, 2021 /PRNewswire/ -- Tiderock Companies, Inc. (\"we\", \"our\", or the \"Company\"), (OTC: TDRK) is pleased to announce that is has signed a Letter of Intent with Port One Companies of Boston, MA (\"Port One\" or the \"Developer\") to co-develop a proposed 410 residential unit senior living facility located on a 48-acre parcel in Boston, Massachusetts. \nAs Co-Developer, Tiderock Companies, will provide operational support and oversight including but not limited to project management, marketing, budgeting, product mix, review of and negotiations for limited partner equity and debt. The estimated budget for this project is $190 million, of which includes an industry standard 3% development fee of which Tiderock as co-developer will receive 25%. In addition, Tiderock will receive 10% as a co-developer promote from any profits on this project. The developer has entered into contract to purchase the 48 acre parcel for $19.065 million.\nTiderock CEO, Thomas Fore stated, \"We are excited about this opportunity to provide support to the Developer in connection with this project and look forward to building long-term working relationship with them. This engagement builds on the portfolio of projects Tiderock is currently managing, including the previously announced projects, Cabin Branch and Waldorf B4.\"\nExecution of definitive documents between the Company and Port One concerning the Holbrook, MA senior living facility project is subject to successful completion of traditional project due diligence and execution of definitive agreements between Port One and the Company. As part of due diligence, developer is required to provide the following items to the co-developer within 10 days of execution of this a...