FORKED RIVER, N.J., April 28, 2023 (GLOBE NEWSWIRE) -- Dream Homes & Development Corporation (OTCPK: DREM), a licensed new home builder and general contractor in New Jersey, announces that the Company has received Preliminary Approvals from the Borough of Clayton, NJ to develop and build 62 age-restricted manufactured homes. This new development, to be called Autumn Run, is located in Gloucester County, New Jersey.
Preliminary approval is considered to be the most critical step in the approval process and it was granted on April 24, 2023. Final approval is expected in mid-2023 and site work and construction should start in Q4 of 2023.
The Company intends to develop, build and hold this property as an income property for the foreseeable future. This development is intended to be a relatively permanent addition to the Dream Homes portfolio.
In addition to the 62 homes which were approved, there will be a +/- 1750 square foot Clubhouse, which will include a range of recreational facilities. Amenities will include exercise equipment, a full kitchen with all appliances, dishes and utensils, couches, TV, wireless internet, office/flex space with a desk, chairs and office equipment, fireplace, patio tables, card tables, a fireplace and a covered patio with barbeques.
Autumn Run residents will also enjoy a beautiful county park which is adjacent to the site on the north side. The park is called Autumn Pasquale Park, and has a full range of amenities. The Autumn Run development will install a walking path from the Autumn Run neighborhood to the park, to allow the residents to easily access Autumn Pasquale Park with all amenities.
Dream Homes CEO Mr. Vincent Simonelli stated, “Receiving preliminary approvals for Autumn Run from the Borough of Clayton is a great step forward for Dream Homes. We’re extremely pleased with the progress of all our various developmental efforts, but Clayton is one of the boroughs where we most enjoy conducting business. Autumn Run will be a wonderful, affordable development and we look forward to getting started on this development and offering these homes to the market.”
CEO Simonelli concluded, “We’ve been one of New Jersey’s most trusted builders for 30 years, and become increasingly well known to homeowners in need of new homes, elevation & renovation work. It certainly helps that we have an experienced management team that has never failed to complete a project in over 30 years in the industry. We look forward to working in the Borough of Clayton for a long time in the future.”
Management also notes that it recently secured a $4.67 million funding package announced on April 17th, 2023 toward its approved 70 unit Berkeley Terrace development. Today’s press release contents together with the announcement earlier this month signify two of the Company’s greatest achievements since it went public in 2017, and position Dream Homes for consistent profitable returns once constructed and leased at market rates.
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTC Pink: DREM) (also “DHDC”) is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. DHDC wholly owned subsidiaries are licensed new home builders and general contractors; actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area.
Visit our website at www.dreamhomesltd.com for more information or email vince@dreamhomesltd.com to be alerted in the future when the Company announces news. Twitter is at https://twitter.com/foxbuilder.
Forward-Looking Statements:
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings with the Securities and Exchange Commission at www.sec.gov.
Company Contacts:
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: vince@dreamhomesltd.com
