Shokworks to Power Metrospaces Joint Venture to Develop High-End Villas in Dominican Republic | Business
DALLAS – (BUSINESS WIRE) – July 19, 2021–
Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, will develop Infinity View Villas – nine upscale villas and a 4,000 square foot home in the Dominican Republic – which will be integrated into its cohabitation platform, MetroHouse.
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Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, will develop Infinity View Villas – nine high-end villas and a 4,000-square-foot home in the Dominican Republic – which will be incorporated into its co-platform of life, MetroHouse. (Photo: Business Wire)
MetroHouse, which is being developed in partnership with Dallas-based Shokworks, will launch with a cohabitation space in Philadelphia before expanding to other U.S. and international cities, including the luxurious mountain retreat in the Dominican Republic.
“Our plan is to have at least 15 to 20 rooms in MetroHouse by its launch date of September 15 and 100 to 120 rooms by the end of 2021,” said Oscar Brito, CEO of Metrospaces.
“We look forward to adding these villas to the MetroHouse platform so that they can be enjoyed by our core members,” said Shokworks CEO Alejandro Laplana.
Metrospaces’ investments in the luxury real estate environment have created a unique funding and growth framework.
“Infinity View Villas is a very exciting project because, as developers, we can use the proceeds from the sale of part of the villas to finance construction, while still maintaining the management of the villas for our platform. This will keep our cash investment at a low level, while retaining the most profitable and long-term part of the project’s income, ”explained Brito. “It’s also exciting as we build a real estate inventory to integrate into the burgeoning real estate tokenization platform, Metrocrowd, which we are developing with Shokworks and plan to launch later this year.”
Metrospaces’ co-living strategy will focus on secondary cities and digital nomadic destinations. The Dominican Republic is an established destination for high-end digital workers who travel the world to first-class destinations. The co-development will be carried out by a local architectural firm, Inarchi Architects.
“The Metrocrowd platform that we are building with Metrospaces will offer future token buyers an opportunity for outsized returns with small investments, as opposed to buying an entire villa,” said Laplana.
Development on Infinity View Villas will begin at the end of August, with the completion date for phase one set for mid-2022 and phase two for the fourth quarter of 2022.
Safe Harbor Statement: Statements contained in this press release may be “forward-looking statements”. Forward-looking statements include, without limitation, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statement relating to our future business or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results and results may differ materially from what is expressed or expected in forward-looking statements due to many factors. All forward-looking statements speak only as of the date of this press release, and Metrospaces Inc. assumes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210719005749/en/
Kelly Hunter, [email protected], (469) 547-0214
KEYWORD: CARABES UNITED STATES DOMINICAN REPUBLIC NORTH AMERICA TEXAS
INDUSTRY KEYWORD: TECHNOLOGY OTHER CONSTRUCTION AND REAL ESTATE RESIDENTIAL BUILDING AND REAL ESTATE OTHER TECHNOLOGY CONSTRUCTION AND SOFTWARE PROPERTY
Copyright Business Wire 2021.
PUB: 07/19/2021 3:30 PM / DISC: 07/19/2021 3:31 PM
Copyright Business Wire 2021.