Community Redevelopment Inc. announced that it has launched its new division, Mosaic Homes and signed a LOI for a residential redevelopment joint venture in Biscayne Park, FL. A LOI for a second project is currently under negotiation, and Community Redevelopment is in talks for a LOI on a third project. The launch of Mosaic Homes by Community Redevelopment is another step toward the Company's mission.

Mosaic Homes will build or rehabilitate for-sale single family, townhomes, and condominium residential properties with an eye toward inspired sustainability. The Company will be working toward acquiring infill lots to build or to renovate properties with a focus on sustainable improvements. For the Company's first project, in conjunction with its joint venture partner, it will acquire the property in Biscayne Park and undertake development and construction work as is necessary to sell the upgraded single-family property upon the end of the investment period.

Mosaic Homes will be responsible for all development activities. Biscayne Park has a median property value of $457,300 in 2019, which is 1.9 times larger than the national average of $240,500. Between 2018 and 2019, the median property value increased from $405,700 to $457,300, a 12.7% increase.

Biscayne Park is a triangular-shaped residential neighborhood just north of Miami Shores. Founded in the 1920's by Arthur Griffing, who was the landscape architect for the famous Carl Fisher, this area has been one of Miami's best kept secrets. As a result of its close proximity to Miami, this community with beautiful tree lined streets is seeing a revitalization as potential residents see the beauty in the traditional modern Miami homes of Biscayne Park.