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.
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