CAVU Resources’ Sinacori Builders Secures Investment Group and Closes on $5.1 Million Dollar Property to Build up to a 37 Story Apartment Condo Tower in Uptown Charlotte
CHARLOTTE, N.C., Dec. 03, 2020 (GLOBE NEWSWIRE) — CAVU Resources, Inc. (OTCPK: CAVR) today announced that its wholly owned subsidiary Sinacori Builders has successfully closed on a 0.98 acre property located at 712-722 N Smith Street in Charlotte, North Carolina, for $5,100,000.
On January 21st, 2020, Sinacori Builders received notification from the Charlotte City Council that its rezoning application on the property had been approved, allowing for a mixed-use development containing up to 362 condos or apartments to be built. In July 2020, following the successful rezoning, Sinacori Builders had the property appraised and a value of $7,700,000 was assigned, representing the creation of $2,600,000 in equity.Sinacori Builders with Investment Group, “Smith Street Ventures” is currently interviewing experienced and qualified commercial builders capable of constructing a 37-story luxury residential, transit-oriented high-rise building. A planned CATS (Charlotte Area Transportation System) Light-rail Station will be constructed in the front of the tower that spans throughout Uptown Charlotte.Features Being Considered Included in the Concept:362 apartment units, each featuring a commercial grade indoor grow cabinet allowing for the cultivation of organic fruits and vegetablesOrganic-focused retail outletsRecreation, wellness, and fitness facilitiesA destination pool surrounded by tropical palmsA garden in the sky with vibrant flowers, lush tropical landscape, and breathtaking unobstructed 360-degree views of Charlotte
In February 2020 Sinacori Builders contracted emma + co., a real estate consulting firm based in Charlotte, North Carolina, to complete a proforma and market review & strategic plan on 712-722 N Smith Street. This market review & strategic plan can be viewed on the Company’s OTC Markets disclosure page along with the property’s approved site plan from the Charlotte City Council.https://backend.otcmarkets.com/otcapi/company/research/265775/content“Both Russ Sinacori and I had residences in Uptown Charlotte. Russ, The Museum Towers and I, The Vue, we both shared the same incredible quality of life. Charlotte is an amazing city and Uptown Charlotte is the heartbeat of the city. I used to stand outside on my 48thfloor balcony often. Ironically, my condo balcony directly faced our planned Smith Street location and I would look at it every day not knowing that one day we would have such an exciting project. That our “Growing Together” brand would have such a “stage” to be introduced to the world. We have lots of work in front of us, no doubt. But that’s what we signed up for. One small win at a time!” – CAVU Resources CEO, Bob Silver.About Sinacori BuildersSinacori Builders, a CAVU Resources company, is a technology-driven real estate company with more than 14 million dollars in assets and over 10 million dollars in secured contracts/closings in 2020. This wholly-owned CAVU subsidiary has a strong foothold in Charlotte, North Carolina, and is expanding its footprint throughout the Southeast. The Company plans on growing its brand and enhancing shareholder value by leveraging its connections with the country’s top builders to become a national player. To learn more, visit www.sinacoribuilders.comAbout CAVU Resources Inc.CAVU Resources Inc. is a synergistic suite of technology driven companies that create a lifestyle brand targeting the Millennial / Gen Z demographic to support how they Live, Learn, Socialize, and Stay Healthy. To learn more, visit www.cavuresource.comForward-Looking Statements:Company Contact Info:Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/9edd8429-5009-4e5f-b414-8c46fca61035https://www.globenewswire.com/NewsRoom/AttachmentNg/2c911368-dfc9-4763-91a3-ea7dcc0b4815
