Company plans to locate, upgrade, and market properties in well-established communities as a principal
MIAMI, March 01, 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 life-cycle, announced today plans to locate, upgrade, and market properties through its RedRock Real Estate Investment LLC and Mosaic Development subsidiaries. The Company will be 100% focused on acquiring moderate to high-end residential and multifamily properties that can be infilled, expanded, or are capable of supporting an Accessory Dwelling Unit (ADU). Community Redevelopment will initially target the fast-growing South Florida market, where there is currently a housing shortage and an abundance of properties that can be re-developed.
Brent Coetzee, seasoned real estate entrepreneur and President of Community Redevelopment’s RedRock Real Estate Investment LLC subsidiary, said, “The joint effort between RedRock and Mosaic exists to take advantage of marketing trends as demand outpaces supply. Many older neighborhoods with great schools and amenities that are close to shopping, entertainment, and major centers of employment have large lots with smaller homes that can be significantly expanded.” Mr. Coetzee continued, “The best way to describe this is future land planning. In many communities, over the last five years a large number of development approvals have been for these types of projects. The communities we are targeting already have all of the ingredients that make them a great place to live. In many ways it’s more efficient, since existing water, sewer, streets, and transit routes are already there.”
A recent article in Mansion Global clearly defined the South Florida real estate market by saying, “Across South Florida, listing prices for high-end homes shot up around 14% between 2020 and 2021, according to Realtor.com data. The median cutoff price for South Florida’s luxury segment—defined as the top 5% by list price in Miami-Dade, Broward and Palm Beach counties—was $2.93 million through November 2021. Meanwhile, housing stock in the luxury tier plummeted, with the number of available homes asking over $1 million declining 26.1% in one year.”
Community Redevelopment’s plans call for building within unused and underutilized lands within existing development patterns, typically but not exclusively in urban areas. The Company believes this type of development is critical to accommodating growth and redesigning our cities to be environmentally- and socially-sustainable. Community Redevelopment offers investors an opportunity to participate in the growth and upside of trends 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.
Myron Jones, Head of Development for Community Redevelopment, said, "Developers are seeing significant opportunity when it comes to acquiring and repurposing sustainable, moderate to high-end residential and multifamily assets that can be expanded as a means of increasing the intrinsic value of the property. Community Redevelopment essentially has two opportunities for revenue. The first opportunity is by forcing appreciation and increasing equity in the property. The second opportunity would be through the generation of revenue if, or when, RedRock Real Estate Investment LLC should decide to sell the property.”
The Company expects to have both the RedRock Real Estate Investment and Mosaic Development entities created by the end of the first quarter of 2022.
About Community Redevelopment
Community Redevelopment affords potential investors a significant opportunity to participate in the process of identifying and redeveloping entire communities and regional areas, via a publicly traded company. Community Redevelopment Inc. is a full-service real estate company with a management team that has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States, as well as capital markets. The Company is focused on all aspects of the real estate development cycle including land development, design build, property operations, and site redevelopment. In addition to the ownership of our operating property portfolio, Community Redevelopment plans to develop and build desirable properties for its own account and through joint ventures with affiliated and unaffiliated partners.
Community Redevelopment, Inc. is focused on community development in urban and suburban markets and our mission is to integrate our proprietary business model by providing sustainable, long-term value to investors as we strive to provide opportunities to improve neighborhoods with residential, commercial, and industrial development projects while designing architecturally pleasing, clean, energy efficient communities and commercial structures. For more information on Community Redevelopment Inc., please contact us at (954) 233-1481, or (800) 210-9438 for those outside of the calling area. You may also visit our website at www.comredev.com.
This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 10-Q Report filed on November 16, 2021. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
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