BALTIMORE, 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.
As 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.
Tiderock 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."
Execution 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 agreement.
(a) copies of all work product and information in Developer'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.
The Company will announce material developments concerning the Boston, MA project in real time to ensure Company shareholders remain fully informed of the Company's progress at all times.
About Port One Companies, LLC:
Port One Companies is a Boston-based opportunistic investment firm with architectural, interior design, and commercial real estate development capabilities. We offer full-spectrum design, development, and investment services that can be selected individually or combined to create custom single-source service packages. Collectively, the various divisions of Port One Companies are responsible for more than 2.1 million square feet of architectural design and planning efforts, $750 million in real estate development opportunities, and $18.5 million in assets under management.
About Tiderock Companies, Inc.:
We are a Real Estate company focused on high value "develop to own" projects through its subsidiary, Sora Ventures. The company also offers Real Estate Advisory Services via its subsidiary, Tiderock Development. Tiderock Companies, Inc. (OTC PINK: TDRK) is headquartered in Baltimore, MD., and can be contacted at www.tiderockcompanies.com or by phone at (800) 791-8433. We intend to update our shareholders and the investing public in real time with respect to material developments concerning our plans and projects in real time.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
For more information:
Tiderock Companies, Inc.
Thomas B. Fore, CEO
Phone: (800) 791-8433
SOURCE Tiderock Companies, Inc.
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