Tiderock Companies, Inc. Signs Letter of Intent with Port One Companies, LLC to Co-Develop Proposed 410 Residential Unit Senior Living Facility Located on 48-Acre Parcel in Boston, Massachusetts
September 21, 2021 at 07:00 am EDT
Share
Tiderock Companies Inc. announced that is has signed a letter of intent with Port One Companies of Boston, MA 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-developer 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 purchase the 48 acre parcel for $19.065 million. 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. Copies of all work product and information in developer's possession addressing design, survey, soil, geological or the environmental condition of the property; 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; 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); and evidence of development entitlements and approvals applicable to the property from the appropriate governmental authorities.
Tiderock Companies, Inc. is a real estate investment, advisory services and development company. The Company operates through two operating divisions: Property Development and Project Management. The Company operates through its subsidiary, Sora Ventures, LLC. The Company offers urban mixed-use projects as well as design-build lease backs for credit tenants. Its development projects include apartments, office space, hotels, student housing, assisted living and higher education academic facilities. The Company's portfolio of projects includes Rowan Boulevard Master Redevelopment in Glassboro, Student housing complex, Barnes & Noble College Bookstore, Courtyard by Marriott, The Whitney Center, Auden Albany off-campus student housing community, Residence Inn Baltimore at The Johns Hopkins Medical Campus, 9690 Deereco Road and Aventurra Condominiums. It also offers real estate advisory services via its subsidiary, Tiderock Development.
Tiderock Companies, Inc. Signs Letter of Intent with Port One Companies, LLC to Co-Develop Proposed 410 Residential Unit Senior Living Facility Located on 48-Acre Parcel in Boston, Massachusetts