MIAMI, March 02, 2021 (GLOBE NEWSWIRE) -- Crosswind Renewable Energy Corp. dba Community Redevelopment (OTC Pink: CWNR) ("the Company"), a community oriented real estate redeveloper targeting economic growth and opportunity zones in secondary and tertiary markets, announced today that it has commenced operations in the Miami, Florida area. Although no definitive agreements have been executed to date, the Company has entered into preliminary discussions with several potential parties. The principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through community-private partnerships within different US jurisdictions.
“Our plan is to develop mixed-use, mixed-income, live, work, play communities,” said Kevin Humes, President of Community Redevelopment. “We want to develop vibrant communities in underserved areas with some of the homes listed for the market rate, while others are designated as affordable for seniors, veterans, and families. Our goal is not to push the existing residents out. Our goal is to make their community a better place to live and work.”
Community Redevelopment plans to partner with developers and local governments to design and develop mixed-use, master-planned communities that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks, open space, along with housing and amenities for military veterans. Community Redevelopment plans to provide numerous opportunities to improve low income neighborhoods for residential, commercial, and industrial opportunities through government incentives, long term partnerships and agreements. Public-private partnerships typically have contract periods of 25 to 30 years or longer. Financing comes partly from the private sector but requires payments from the public sector and/or users over the project's lifetime. The private partner participates in designing, completing, implementing, and funding the project, while the public partner focuses on defining and monitoring compliance with the objectives. Risks are distributed between the public and private partners according to the ability of each to assess, control, and cope with them.
According to CBRE Group, the world’s largest commercial real estate services and investment firm, multifamily investment will increase 33 percent to $148 billion in 2021. The National Association of Realtors’ said in its monthly report, U. S. home sales had their best year in 2020 since 2006. Housing construction, the star performer for the economy last year, grew at a 35.8% rate in the fourth quarter following a 63% surge in the third quarter. The annual pace of existing home sales in December increased to 6.76 million, seasonally adjusted, up 0.7 percent from November and 22 percent year-over-year, despite the global pandemic. Total home sales rose more than 20% in Miami-Dade and Broward counties in December 2020 as compared with December 2019, according to the Miami Association of Realtors report. In addition to developing communities in the Miami Florida area, Community Redevelopment has targeted six additional geographical areas for potential development in the United States. We intend to develop communities that promote quality living, diverse populations, commerce, and an optimal mix of housing, commercial development and employment opportunities.
Stalin A. Cruz, Director & Executive Vice President of Community Redevelopment said, “Our management team and advisors are well versed in raising capital from the public markets. We plan to fund our initial projects to improve low-income neighborhoods through government incentives, loans from commercial banks, as well as long term partnerships and agreements with partner, with other developers and municipalities. Our goal is to continuously work to achieve the highest standards of corporate governance, with total transparency and responsibility.”
Community Redevelopment has an experienced management team that has successfully raised capital for numerous public companies. In order to analyze potential ventures, the Company will consider the following kinds of factors:
- Potential for Growth – Community Redevelopment will consider the needs of a community, as well as the availability of local, state or Federal funding towards urban renewal in that given locale.
- Strength and diversity of current management;
- Capital requirements and anticipated availability of required funds to be provided by the Company from operations, through joint ventures or similar arrangements, sales of securities, or from other sources;
- The extent to which the business opportunity can be advanced; and
- In evaluating a prospective new project, Community Redevelopment will conduct an extensive due diligence review of potential targets, given our dependence upon the ever-changing city, state and federal funding initiatives for urban redevelopment.
Senator Ron A. Silver, Chairman of Community Redevelopment said, “Our strategy at Community Redevelopment will be to assess the community to determine what we can do to improve its conditions by making the capital we spend work better for us. Going from one foundation to the other trying to get funding to be able to do something temporarily has not worked well for many underserved communities. By bringing commerce and affordable housing to underserved areas, we hope to bring real opportunities to the residents of the community to help them affect change for their future, and for their children's future.”
Charles Arnold, Chief Executive Officer of Community Redevelopment said, “We plan to be part of the communities where our business units will operate. Through CSR actions in our properties, we plan to spread and make visible issues of social interest such as inclusion and assistance to the neediest.” Mr. Arnold Continued, “Our management team has identified several potential business opportunities and partnerships in California, Colorado, Florida, Georgia, Maryland, Ohio and Texas to either acquire, design and or redevelops properties. Our goal is to plan for the long term and work towards continuous improvement.”
About Community Redevelopment
Community Redevelopment, Inc. operates as a community oriented real estate redeveloper targeting economic growth and opportunity zones in secondary and tertiary value added markets. The Company is primarily focused on opportunity zones in an effort to bring commerce and affordable housing to underserved areas. Community Redevelopment plans to provide numerous opportunities to improve low income neighborhoods for residential, commercial, and industrial opportunities through government incentives, long term partnerships and agreements. Our mission is to rebuild depressed communities, change the direction of youth and improve the quality of life in those communities, and provide our investors with an opportunity to profit. We intend to accomplish this by focusing on partnerships between the public and private sector to generate both business interest and business activity in low income neighborhoods that have gone unnoticed by the development community at large, while repairing and amending relationships in these underserved communities.
Community Redevelopment, Inc. is not an opportunity zone fund, or a real estate investment trust. Community Redevelopment, Inc. is a real estate developer offering potential investors an opportunity to participate in the process of investing in real estate projects that could improve the quality of life for residents of low income neighborhoods, via a publicly traded company. The Company intends to work with other real estate developers, as well as local and state government agencies to complete its projects in these communities.
Forward-Looking Statements
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. These forward-looking statements reflect the Company's current expectations regarding future events, including its ability to raise sufficient capital, as well as the Company’s plans for real estate development, the Company's regulatory environment, and the Company’s overall business strategy. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding the funding necessary for the Company’s future development plans, local zoning laws, access to capital, changes to government regulation, unexpected adverse events or safety issues, the timing and ability of the Company to raise additional funding as needed for continued operations, and the impact of the COVID-19 pandemic on general economic, regulatory and political conditions. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. For further discussion of these and other risks, see the Company’s filings with OTC Markets on OTCMarkets.com. The Company undertakes no obligation to update or revise the information contained in this announcement, whether as a result of new information, future events or circumstances or otherwise.
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