FORT LAUDERDALE, FL--(Marketwired - July 23, 2014) - BBX Capital Real Estate, a division of BBX Capital Corporation (BBX), announced today it has entered into a joint venture agreement with CC Devco Homes - a Codina-Carr Company, to develop approximately 394 homes in a portion of the newly proposed Bonterra community in Hialeah, Florida.
As the developer and manager of the joint venture, CC Devco Homes currently plans to build approximately 394 highly stylized single-family homes delivered "complete" to its new owner, from the exteriors with clapboard shutters, distinctive hardware and brick paver driveways, to spacious interiors with upgraded designer touches such as ceramic tile flooring, Euro-style kitchens with 42-inch cabinetry and granite countertops. Additional Bonterra amenities are planned to include access to a clubhouse, fitness center, resort pool, parks, and a 15 acre lake.
"The Bonterra community, a prime location in Hialeah, in Miami-Dade County, will be a highly desirable community and one of the last new master-planned communities in north Miami-Dade County," commented Jim Carr, Chief Executive Officer of CC Devco Homes. "We are very excited about the potential of Bonterra and the opportunity to partner with BBX Capital Real Estate."
BBX Capital Real Estate transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.5 million mortgage which was assumed by the joint venture. In exchange, BBX Capital received its joint venture interest and $2.2 million of cash. Anticipated project profits resulting from the joint venture will be distributed to CC Devco Homes and BBX Capital on a 55% and 45% basis, respectively. Capital requirements for the joint venture will be contributed by CC Devco Homes and BBX Capital on a 43% and 57% basis, respectively.
"CC Devco Homes, one of the largest builder-developers in Florida, is known for its high integrity, quality construction and vision to create timeless communities. We are truly excited to be partners with such an esteemed group," commented Seth M. Wise, President of BBX Capital Real Estate, a division of BBX Capital.
Bonterra is currently scheduled to commence construction and sales in the first half of 2015. For further information about Bonterra or to join the waiting list, please call CC Devco Homes at 305-448-0353 or access http://ccdevcohomes.com/contact-us-3/
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/
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. With superior access to Miami, the major highways, inter-county cross roads and public transportation, the site is considered excellent from the standpoint of access to employment, major community facilities, schools and universities, recreational facilities and activities, sports venues, shopping, golfing, beaches, the Everglades, and dining.
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.
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. 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; that the Company's ability to successfully implement its currently anticipated business plans 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 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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