Cuentas Casa's new announcement comes only days after
the announcement of Cuentas' acquisition of a 28.5 acres of
mixed-use land contemplated for development of 648 multi-family
apartments and 180 townhomes near Orlando, all part of Management's plan to
build a national and eventually international presence for the
Company's proprietary development technologies, that combine
sustainability, accessibility, and affordability, making quality
living a real opportunity for everyone.
MIAMI BEACH, Fla., June 14, 2023 /PRNewswire/ -- Cuentas, Inc.
(Nasdaq: CUEN) (Nasdaq:CUENW) ("Cuentas"), the Company that is
creating an alternative financial ecosystem for a hard working
population who do not have access to traditional financial
alternatives, today announced that it is accelerating its Cuentas
Casa sustainable community development initiatives with two new
land purchase agreements, the first, a 28.4 acre lot,
contemplated for development of a 370 multi-family unit apartment
complex in Davenport, just
southwest of Orlando, Florida, and
the second, consisting of 27.2 gross acres of which 7.6 are to be
set aside as a conservation area, contemplated for the development
of 300 Cuentas Casa apartments, located on the Northeast coast of
Florida, 31 miles south of
Saint Augustine and 24 miles north
of Daytona Beach. All permits and
entitlements come with the properties, providing what management
believes adds an additional edge to its rapid development
initiatives, reducing costs and accelerating time to market through
the entire development project. Management is accelerating its
strategy and expects to move to definitive agreements within the
next 90 days, then directly into development. These moves are part
of Cuentas Casa's initiative to take advantage of the
financial pressure being put on traditional developers but
utilizing the Company's cost-efficient, alternative building
technologies to grow more aggressively in this challenging market.
These announcements come on the heel of Management's recent
announcement of its 28 acre Ocala
initiative.
The Davenport Property, slated to be the second Arden by Cuentas
Casa property in development, is located near Orlando, Florida, and is designed to bring
the Cuentas Casa concept of sustainability, accessibility, and
affordability to an increasingly expanding market surrounding
Orlando. The second property is
located in Palm Coast, between the
tourist destinations of St.
Augustine and Daytona
Beach, and features access to the Flagler Beaches.
Flagler Beach and Palm Coast, FL are home to beautiful
beaches and miles of pristine shoreline. Management released
details on the two properties, along with proposed renderings of
the Davenport development.
"As housing in general becomes less attainable, and particularly
for those left out of the system, we are excited to be able to move
forward with these affordable, accessible and sustainable
development initiatives," said Cuentas co-founder and CEO,
Arik Maimon. "We believe that
Cuentas' development technology gives us a critical advantage
during a time when other developers are facing increasing financial
pressure."
With these new properties, Cuentas plans to continue to innovate
in sustainable development, applying its exclusive partnership with
leading technology company RENCO, a pioneer in developing next
generation new technologies and ideas, spearheading advancements in
the renewable composite products industry for over two decades.
Management believes that there has never been a more important
time to push its highly efficient building solutions, as the market
has seen higher cost of debt putting increased pressure on
new real estate development. By applying RENCO's proprietary
sustainable building technologies, Cuentas Casa is bringing its
projects to market more cost-efficiently and more rapidly, which is
the heart of Management's growth objectives. "With interest rates
increasing, developers are having a greater challenge in financing
development," said Cuentas Co-founder and President, Michael De Prado. "Our exclusive partnership
with RENCO gives us the opportunity to develop at a far greater
discount to normal construction costs and timing, helping offset
the impact of interest rate hikes."
About Arden at Davenport
Upon completion, ARDEN at Davenport will consist of 370 highly
efficient, Class A multifamily apartments. The Project is nestled
within America's #1 Tourist Destination and the 5th fastest growing
MSA in the United States. The
driving force behind Orlando's
tourism was Walt Disney World, home
to 4 of the top 5 most visited theme parks in America, and the #1
visited theme park in the World, Disney's Magic Kingdom. Population
and job growth are also fueling the Orlando economy. According to the 2018 U.S.
Census Bureau, the Orlando MSA population is growing by 1,500
people each week. In 2019, the job industry saw a net gain of
43,000 jobs at a rate of 3.3% year-over-year. According to the
Orlando Sentinel, Orlando is among
nation's fastest growing metro areas in 2022, adding almost 65,000
new residents.
The Orlando metro area will
also benefit from the expected addition of nearly 40,500 people
during 2021, growing the population by 1.5 percent. Meanwhile, the
median home price soared 13.8 percent to $322,000 last year. This surge, coupled with a
shortage of for-sale single-family inventory, will direct many of
these residents into apartments.
About Cuentas Casa Palm Coast
Despite attracting its first residents only 51 years ago,
Palm Coast has become
the most populous city in the Volusia-Flagler region, according to University of Florida researchers, and it's going
to get bigger - a lot bigger! Palm
Coast may be a top 20 city in the state by 2050, a
projection embraced by Mayor David
Alfin. That explosion in growth shows no sign of slowing as
the Legislature in its 2023-2024 budget, expected to be
approved soon, has set aside at least $54
million for the city, according to state Rep. Tom Leek, chairman of the House Appropriations
Committee.
Cuentas Casa is the third pillar of the Company's efforts to
create a financial and lifestyle ecosystem for those who deserve
but have not had access to financial tools and solutions that can
enhance their wellbeing and lifestyle. This announcement comes on
the heels of the Company's recent, 'Arden by Cuentas Casa'
Development near Tampa, a 360 Unit
Complex Combining Innovative, Sustainable Building Technologies
With Modern, Technology Driven Resident Benefits, Creating New More
Affordable Living Opportunities for the Underserved.
Cuentas' beyond-the-bank approach began with financial tools and
management, expanding into telecommunications with Cuentas Mobile
and exploding onto the real estate market with Cuentas Casa. The
Company continues to expand its sustainable development footprint
with its 10-year exclusive partnership with RENCO, applying RENCO's
proprietary sustainable building solutions on this latest
development. "Home is the heart of any family, and every family
deserves the right to be able to live in a productive, supportive
environment," continued Maimon. "Cuentas Casa is part of our
dream to make a positive impact on all families who deserve access
but have been left out of the system."
About Cuentas Casa
Cuentas Casa is the new initiative from Cuentas, the Company
that is building a growing set of financial and social solutions
for the underserved. Casa developments to combine sustainability,
accessibility and affordability. Cuentas Casa partners with leading
edge developers and construction technology companies to create
sustainable, inclusive and affordable residential communities
specifically designed to provide high quality housing
alternatives at extremely competitive pricing. Cuentas Casa
launched in Q1 2023 with the Lakewood project, followed by the
Brooksville project. The company's
goal is to source land zoned and ready for development of
multi-family buildings in strategic areas where rental prices are
increasing dramatically, placing financial stress and pressure on
working class families. Cuentas strives to provide reasonable
solutions for both housing and necessary financial solutions for
underserved and working class families.
About Cuentas
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an
alternative financial ecosystem for the growing global population
who do not have access to traditional financial alternatives. The
Company's proprietary technologies help to integrate FinTech
(Financial Technology), e-finance and e-commerce services into
solutions that deliver next generation digital financial services
to the unbanked, under-banked and underserved populations
nationally in the USA. The Cuentas
Platform integrates Cuentas Mobile, the Company's
Telecommunications solution, with its core financial services
offerings to help entire communities enter the modern financial
marketplace. Cuentas has launched its General Purpose Reloadable
(GPR) Card, which includes a digital wallet, discounts for
purchases at major physical and online retailers, rewards, and the
ability to purchase digital content. In Q1 of 2023, Cuentas
launched Cuentas Casa, an alternative housing development
initiative that secured a 10 year supply agreement for a patented,
sustainable building system that will provide the bridge between
its technology solutions and the affordable housing market. Cuentas
has made investments to date in affordable housing projects for
over 450 apartments and should reach about 1,500 apartments with
these new initiatives.
https://cuentas.com
Forward-Looking Statements
This news release contains "forward-looking statements," as that
term is defined in section 27a of the United States Securities Act
of 1933, as amended, and section 21e of the United States
Securities Exchange Act of 1934, as amended. Statements in this
press release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans,
expectations, or intentions regarding the future. Except for the
historical information presented herein, matters discussed in this
news release contain forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to
differ materially from any future results, performance or
achievements expressed or implied by such statements. Statements
that are not historical facts, including statements that are
preceded by, followed by, or that include such words as "believe,"
"plan," or "expect" or similar statements are forward-looking
statements.
Investor Relations
Cuentas, Inc.
800-611-3622
info@cuentas.com
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