Cal-Bay CEO Roger Pawson commented that the development property is fully entitled, the engineering process is complete and the building permits have been approved.
The early phases are already under construction.Cal-Bay
anticipates the closing of the acquisition within the next 30 days subject to satisfactory due diligence results from the company's legal team. Roger Pawson
stated, "This is Cal-Bay's largest single acquisition and will be developed by Cal-Bay subsidiary COBS Homes LTD.
The entire development time to completion is projected to be 3 years, and based on current market valuations for the area the property is expected to generate $400M in sales and net in excess of $100M to the company.This project will also create a significant number of new jobs in the Louisiana area."Roger Pawson
further stated, "The Company is currently in negotiations with one the nation's largest retail construction product suppliers for this project and funding for the project has been secured."