BALTIMORE, MD / ACCESSWIRE / October 27, 2021 / Tiderock Companies, Inc. ("TDRK", or the "Company"), (OTC PINK:TDRK) is pleased to announce that it has completed phase of 1 of due diligence associated with the previously announced 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 Holbrook outside Boston, Massachusetts.
Tiderock Companies, previously announced that the Company had entered into a Co-Development relationship with Port One Companies in Boston, MA to become co-developer and 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, 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 success fee from any profits on this project. Port One has entered into contract to purchase the 48 acre parcel for $19.065 million.
Tiderock CEO, Thomas Fore stated, "The next phase of the project is to complete physical site due diligence and collaborate with Port One on completing the planning and optimization of the 48-acre parcel. Once the developers have completed the project's planning phase, it will finalize the definitive agreements."
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: [email protected]
Phone: (800) 791-8433
SOURCE: Tiderock Companies, Inc.