FORT LAUDERDALE, FL--(Marketwired - July 23, 2014) - BBX Capital Real Estate, a division of BBX Capital Corporation (BBX), today announced its upcoming plans for Bonterra, its newly proposed master-planned community located in Hialeah, in Miami-Dade County, Florida.
It is anticipated that the Bonterra community will be built on an approximate 128 acres of land consisting of a 114 acre parcel owned by BBX Capital having a carrying value of $30.7 million at March 31, 2014, and approximately 14 acres of adjacent land which is currently under contract to acquire. Once completed, the Bonterra community is planned to have approximately 1,171 highly stylized single-family homes, villas, town homes, and apartments, along with amenities including a clubhouse, fitness center, resort pool, parks, and a 15 acre lake.
"As we have previously indicated, BBX Capital is actively engaged in real estate development and operations involving real estate obtained through foreclosure or purchased from third parties. Our activities include obtaining land entitlements, property renovation, asset management, and pursuit of joint venture opportunities. Our joint ventures may involve the contribution of properties and/or cash investments in joint ventures with third party development partners. In that regard, we are very excited about our announcement today relating to the Bonterra community as we continue to pursue real estate opportunities," commented Seth M. Wise, President of BBX Capital Real Estate.
The Bonterra community site is currently in the final stages of master-planning and our plans continue to be subject to receipt of governmental approvals. It is anticipated that the community will be divided into three parcels, which include:
- The construction of approximately 394 single-family homes by a joint venture between BBX Capital Real Estate and CC Devco Homes- a Codina-Carr Company.
- Approximately 314 rental apartment units. BBX Capital Real Estate is currently seeking required entitlements and plans to partner with a third party developer to develop this parcel.
- Approximately 463 additional single-family homes, villas and townhomes. The Company has a contract to sell this parcel, subject to the receipt of entitlements currently being sought and due diligence by the home builder.
"With access to Miami, the major highways, inter-county cross roads and public transportation, the planned Bonterra community will have excellent access to employment, major community facilities, schools and universities, recreational facilities, sports venues, shopping, golfing, and fine dining," Seth Wise concluded.
About Hialeah, Florida:
The City of Hialeah is the fifth largest municipality in Florida, serving over 224,000 residents living in approximately 20-square miles. Hialeah sits in the heart of northwest Miami-Dade County, and has access to every major thoroughfare including I-75, Palmetto Expressway, and Florida Turnpike, which places it approximately 20 minutes from Miami or most anywhere in Miami-Dade County. Hialeah provides direct business access to the Miami International Airport and is also served by the Miami Metrorail and Tri-Rail/Metrorail Transfer stations.
About BBX Capital Corporation:
BBX Capital, a New York Stock Exchange listed company (BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation, have a 46% and 54% indirect ownership interest in Bluegreen Corporation. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 60 owned or managed resorts, and access to more than 4,000 resorts worldwide.
As of March 31, 2014, BBX Capital had total consolidated assets of $416.9 million, shareholders' equity attributable to BBX Capital of approximately $304.6 million, and total consolidated equity of approximately $305.7 million. Its book value per share was $19.03.
For further information, please visit our family of companies:
BBX Capital: www.BBXCapital.com
Bluegreen Corp.: www.BluegreenVacations.com
Renin Corp.: www.ReninCorp.com
BBX Sweet Holdings: Hoffman's Chocolates: www.Hoffmans.com, Williams & Bennett:
www.WilliamsandBennett.com,and Jer's Chocolates: www.Jers.com
BFC Financial Corporation: www.BFCFinancial.com
About BFC Financial Corporation :
BFC (BFCF) is a holding company whose principal holdings include a 52% ownership interest in BBX Capital Corporation (BBX) and a 54% indirect ownership interest in Bluegreen Corporation. As of March 31, 2014, BFC had total consolidated assets of approximately $1.4 billion, shareholders' equity attributable to BFC of approximately $243.1 million, and total consolidated equity of approximately $430.2 million. For more information, visit www.BFCFinancial.com.
About CC Devco Homes- a Codina-Carr Company:
CC Devco Homes- a Codina-Carr Company, was founded on the principle of providing families with high-quality new homes at an affordable price. With over 66 years of combined experience in South Florida real estate, Mr. Armando Codina and Mr. Jim Carr have envisioned the re-development of the Florida real estate market by providing brand new quality homes in cities where there is a high demand for "new" at an affordable price. With projects located throughout the state, CC Devco is one of the largest builder-developers in Florida. In fact, Monterra, its fully built out master-planned community in Cooper City, Florida, was named by Metro Study as the ninth best selling new home community in the United States. For more information, visit www.ccdevcohomes.com/
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include (but are not limited to) words or phrases such as "plans," "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. We can give no assurance that such expectations will prove to be correct. Future results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company; risks relating to the Company's ability to successfully implement its currently anticipated business plans, which may not be realized as anticipated, if at all; that the Company's investments in real estate developments, either directly or through joint ventures, will increase exposure to downturns in the real estate and housing markets and expose it to risks associated with real estate development activities and the risk that its joint venture partners may not fulfill their obligations; that required regulatory entitlements to develop the property will not be obtained timely or at all; that the property will not be developed as currently planned and that the Company's investment in this or future real estate joint ventures may not achieve the returns anticipated or be profitable. In addition to the risks and factors identified above, reference is also made to other risks and factors impacting BBX Capital detailed in the Annual Report on Form 10-K, including Item 1A. Risk Factors, which is available to view on the SEC's website, www.sec.gov, or on BBX Capital's website, www.BBXCapital.com. The Company cautions that the foregoing factors are not exclusive.
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