Tiderock Companies, Inc. Signs
Letter of Intent to Co-Develop $190,000,000 Senior Living
Facility
Baltimore, MD -- September 21, 2021 -- InvestorsHub
NewsWire -- 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-develop 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 purchased
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
insure 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
Email: info@tiderockcompanies.com
Phone: (800) 791-8433