A developer of a massive South Cape Coral project hopes upscale apartments, clinics, boat slips and more will open in about 2 years with approval clearing the way last week.

Cape Coral council unanimously approved both the rezoning and master concept plan for the Bimini Square project on Feb. 15, 2023, along with providing $125,000 to offset impact fees.

Bimini Square is a mixed-used development that will include luxury apartments, waterfront restaurant and shops on three sites south of Cape Coral Parkway and west of Sunset Court.

“I think it’s going to have a big impact,” said Larry Nygard, president of Crown Development, who is developing the project. “We’re right on what I would call the west end of the city, where the downtown starts, so it’s a very nice introduction to the downtown.”

He said the project is estimated at more than $100 million.

The credit will go to improve the roads around the development, as the developer will install curbs, gutters, and paving around the nearly 6-acre project.

“(The city) doesn’t want to shortchange it with this kind of investment, so basically, we’re going to get fresh roads all around the project,” Nygard said.

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What is in the Bimini Square development?

The project consists of 13 parcels with five-story buildings on 5.61 acres.

It will include nonresidential uses, including office, retail, a waterfront restaurant, and 218 apartment units.

The project includes a 25-slip transient boat dock, a parking garage, 500 spaces, and a commercial parking lot for the restaurant.

All the parcels are separated by public streets and previously housed residential buildings.

Residents will have access to medical care

The rezoning will provide medical office space comprising about 95% of the street floor frontage along Cape Coral Parkway.

Lee Health is expected to have a clinic at this location.

“Access to and from the clinic will be very easy,” Nygard said. “There’ll be very, very adequate parking, and it’ll be a very nice benefit to people now that maybe have to travel a long distance to get some of those services.”

The history of the property

Since 2015, the city has been working on developing the area near the Bimini Basin into a mixed-used development that can enhance the city and boost economic activity.

If one were to go to the site, one would find empty grassy lots surrounded by residences staring out into the water with the bustling road of Cape Coral Parkway leading to the downtown area on the other side.

According to U.S. Census data, Cape Coral is the eighth largest city in Florida with 204,510 residents. It is expected to have more than 430,000 residents by 2070.

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What’s next?

Crown Development needs construction permits, and construction will begin soon afterward.

Nygard said they estimate to begin between June and July.

“This summer we’re hoping to launch a groundbreaking,” Nygard said.

If permits are received on time, the project will be completed by the summer of 2025.

Luis Zambrano is a Watchdog/Cape Coral reporter for The News-Press and the Naples Daily News. You can reach Luis at Lzambrano@gannett.com. Follow him on Twitter @Lz2official.

A highly anticipated development that is to include luxury apartments, eateries, healthcare offices and a waterfront view drew a large crowd Wednesday night as more details on the venture were divulged.

Project heads of Bimini Square, a more than 500,000-square-foot site on the doorstep of Bimini Basin, discussed what residents could expect during a meet-and-greet at the Chester Street Resource Center. There was so much demand from the public, the presentation had to be repeated for a second crowd as the resource center offered little space.

Larry Nygard, president of Crown Development out of West Fargo, North Dakota, purchased the land in August of 2020. This is his third development in the Cape, the others being Cape at Savona and The Club on Pine Island. Bimini Square is set to bring new housing, Lee Health facilities, and restaurant to the city. The $80 million project is planned to be located on the west side of Bimini Basin between the water and Cape Coral Parkway, between Palm Tree Drive and Sunset Court.

“We think this is going to be a really big benefit to that west end of downtown,” Nygard said of Bimini Square. “The unique access to the water is such a key thing. We think that the high-end rental market is not being served in Cape Coral. We think there’s a chance here to deal with that in a different way. Prices on homes have just gone up — you can rent a place in here and have a beautiful seasonal home.”

Bimini Square’s residential component encompasses 280,885 square feet and will feature 198 apartments and five-story buildings.

There is to be a six-story, 150,000-square-foot parking ramp offering 504 stalls at the center of the development. Nygard said there are plans for a rooftop resort-style pool on the top floor above the garage, complete with cabanas, overlooking the Bimini Basin.

“That is the highlight amenity for the apartments with restricted access,” Nygard said. “It’ll be a beautiful spot up there.”

In addition to the garage, there will be nearly 40 surface parking spots onsite by the restaurant and health offices.

“We’re real comfortable that we have adequate parking here — it far exceeds what’s required by the codes,” Nygard said.

Apartments are branded “upscale” ranging from studio apartments to three bedrooms. Residential amenities are to include granite countertops, tile backsplash, under cabinet lights, tile walk-in shower, high-speed Internet, vinyl plank flooring, stainless steel appliances, and balcony. Some premium units will include two balconies. Apartment square footage in select units nears 1,700.

Community amenities include a pet park, pet spa, concierge, hammock cove, fire pits, outdoor lounges, fitness center, EV charging stations, open workspaces, parlor games, and a secure community.

Nygard said rents would start in the $1,700 to $3,800 range.

Bimini Square is currently in the Planned Unit Development application phase — what the developers need to get the project started. The project needs to go through two public hearings to get approval, with the process taking four to seven months.

Nygard said once they get the green light, it would take two years to complete the project, starting with the parking garage, then the apartment buildings and offices, and finally the restaurant. He added that there are plans to rebuild all new seawalls to go along with docking out back.

In terms of wildlife on the grounds, Nygard said there was a few burrowing owl burrows found during their environmental survey. He said they’ve gone through the process to remove the owls legally and that licensed handlers are ready to relocate the owls to a safe location when ready.

Plans include a traffic study to see how they can make entry and exit from Bimini Square as seamless as possible to not disturb an already busy Cape Coral Parkway.

Lee Health

Lee Health will have 78,769 square feet to their name at Bimini Square with its facilities to include inpatient and outpatient services, along with housing for medical staff.

It includes a four-story building on the corner of Palm Tree Drive and Cape Coral Parkway attached to the facility. The first two stories are designated medical office services and some hospital outpatient services, with the other two being apartments for clinical workers.

“We are really excited to be a part of this development where we can embed some health services right here where you live, work and play,” said Lee Health CFO Ben Spence. “The area is in such demand for more health services and better and more convenient access to those services.”

David Rybicki, vice president of Outpatient Services at Lee Health, said the first floor of is to include a lab draw station that will replace their current location in Big John Plaza. There also will be MRI, CT, ultrasound and X-ray services on site.

Another facet of Lee Health at Bimini Square is a pediatric rehab space where children can undergo physical and speech therapy.

“That is a high-demand service that we do not have in Cape Coral at this time,” Rybicki said. “We need about three of them in Cape Coral, and this will be the first one that we bring to the area.”

The fourth suite is to house a center for breast services where mammograms and DEXA scans can be performed. The only site in the Cape that Lee Health offers these services is in northwest Cape Coral.

Vice President of Operations for Lee Physician Group Terry Mainous detailed physician services available at the new location.

The first floor will be home to a large presence of pediatricians and advanced practice nurses caring for children, as well as pediatric behavioral medicine component.

The second floor is to include an internal medicine primary care physician group, as well as a cardiology department.

“The cardiology group is going to be able to offer in the clinic, things like Coumadin and be able to check your lab values,” Mainous said. “If you have a pacemaker, we will be able to check that pacemaker in that clinic. And we’ll have some other diagnostic equipment in that cardiology facility.”

There will be 51 exam rooms and 37 providers between the two floors.

Mainous said Lee Health is actively looking to add staff to fill roles at this new location. No urgent care services are designated for the facility.

Deep Lagoon

A 7,900-square-foot restaurant with a marine theme and warm atmosphere is to overlook Bimini Basin with indoor and outdoor seating.

The family-owned Deep Lagoon Seafood and Oyster House with locations in Fort Myers, Naples, and Marco Island, is slated to join the amenities offered at Bimini Square.

“It’s a very marine-oriented approach in the design,” said Ramon Acevedo of GMA Architects, the designers of the restaurant. “Everything is geared towards the water.”

The space is set to seat 300-plus, with 40% of available tables outdoor in a covered area. There will be a bar both indoor and outdoor, and valet parking will be offered.

“The whole concept is to bring all views towards the basin,” Acevedo said.

There will be sound absorption panels incorporated into the restaurant walls and ceilings. The site has sidewalk accessibility to all parts of Bimini Square. The Deep Lagoon is to be open for lunch and dinner.

Nygard added there are plans for a diner to join Bimini Square.

Boat access/docking

Bimini Square plans to add a dock component to their facility behind the restaurant to include space for 30-plus boats, and boats up to 50-feet. Preliminary plans are for three, 35-foot docks.

“The design of the docks is being done in conjunction with the mooring part that’s being considered in Bimini Basin,” Nygard said. “All of that is being fit together to make sure there’s adequate room for boats traveling around the basin.

“This is not a marina where you get fuel, buy bait, empty your sewer, it’s none of that. It’s designed to drive up, eat at the restaurant, go and see the clinic, park your boat walk downtown, those types of things. At the end of the night there shouldn’t be any boats parked there.”

Nygard said there is a potential for residents of Bimini Square to have overnight docking access on a short-term basis.

There will be sidewalk access to Cape Coral Parkway from the dock.

-Connect with this reporter on Twitter: @haddad_cj

To reach CJ HADDAD, please email news@breezenewspapers.com

The 13th annual Cape Coral Catch the Vision provided updates on a plethora of projects under way in the Cape.

The event held at Cape Christian Church on Monday included a showcase of the ongoing development projects and provided an opportunity for small businesses to showcase with the community.

Masters of ceremony Gloria Tate and Bill Johnson Jr. led the showcase with witty banter and an introduction to the projects in the works within the community.

“For the first time in 13 years, we have developers in the room tonight, and I’m so excited about that,” said Tate. “It’s an amazing thing having all of our developers here because we will be highlighting a lot of really great projects that are coming to our city and some that are already in the works.”

“We have many projects moving forward. We are a fast-growing city, and I think tonight you’ll understand exactly why we had that designation,” Johnson said.

Cape Coral Mayor John Gunter addressed the audience, speaking about the developments and the mission the city has been working to achieve in the next several years.

“Thank you for coming out tonight,” Gunter said. “I’d like to thank Cape Christian for providing the venue, Gloria Tate and Bill Johnson, who’ve been doing this for many years, and all the volunteers behind the scenes.”

Cape Christian Pastor Corey Demel went on to give some insight about the church and the sense of community in Southwest Florida. The church has big plans to expand its courtyard, and Demel gave information about the services the church has been providing to help those in need.

“We here at Cape Christian are a microcosm of what’s happening at Cape Coral in that we have growth problems. We are growing faster than we know what to do. Hopefully, the trade show in the tent wasn’t too much of an inconvenience, but I just want to maybe throw this out there for you. We have to remind our team often that we are grateful for the problems that we have,” said Demel. “We have great city leadership, and we’re in an amazing place. As a Christian and a pastor here in our city, it is our privilege to serve our city.”

Projects in the works:

Cape Christian Church Expansion

Cape Christian is planning to expand its church with the addition of a bigger courtyard and more seating within the church. The church is planning to completely expand within the building and is offering opportunities for students.

“Our current facilities will be used for what we call Christian leadership college. And then really exciting is that we’re going to be repurposing the splash pad, renovating the whole thing, as well as adding pickleball courts. All that should be done by the time summer break hits for the students this year,” said Demel.

Paraiso at North Cape

The Perettis have been working to develop Paraiso North Cape, a commercial plaza in an underdeveloped area of north Cape Coral. Paraiso offers executive offices, retail stores, and restaurants with a deck overlooking the water. The development has been in the works for the past several years and is planned to be finished by 2025.

“Passing by that area, we noticed that there was a lot of residential housing and not that many plazas. The area could have been used for much more,” said Dario Peretti, representing Paraiso at North Cape. “This is a family-friendly environment-something modern and luxurious. We’re trying to make this paradise in that area of the North Cape.

Victory Park

Victory Park is a 138-acre master development located adjacent to the VA Health Care Center, Hope Hospice and the Army Reserves. The development will include a medical office building that will be offered to help the community with their needs.

“Phase one will be about 25% of the park and will be permanent very shortly. What that will do is feed our hotel, which is going to be on-site as well as in medical office buildings. The hotel is a Wyndham Garden Hotel, with some of the top amenities that can be offered to our community,” said Frank Nader, developer of the park. “The VA did a report in March of 2022 where they identified needs and areas of opportunity that they want to address. With this medical office and these medical office buildings, we have the opportunity to address that issue and bring clinical and nonclinical services to our community.

Civitas

The development of affordable housing is progressing. Three residential buildings with 96 units are complete, and the project is expected to be finished by late June or early July. The project has received government assistance and a lot of support from Lee County.

The Shops of Del Sol and Shops of Del Mar

The Shops of Del Mar and The Shops of Del Sol are set to bring much-needed retail and modern amenities to the community. Developers aim to add character and modern finishes to the road corridor, with a mix of retail, medical, and restaurant spaces.

“We have two projects, Shops at Del Mar and Shops at Del Sol. They’re both on the north side of Pine Island Road. Del Sol is a little bit larger with about 70,000 square feet of retail space, Del Mar has about 30,000. We expect to have a multi-use shopping plaza with modern finishes, which is what we’re here for,” said Gaston Lulinski, representing the projects.

Cape Coral Animal Shelter

The non-profit, no-kill shelter’s demand for services has increased, with 4,000 adoptions and 6,000 clients served at its affordable clinic near the William B. Austin Youth Center.

The numbers keep increasing, as many animals are unable to get the services they need. The shelter plans to massively increase its space while taking part in “Fix It Florida” a plan to help spay and neuter animals, said JoAnn Elardo, shelter board president.

An new building will cost about $8 million expansion in the works. They plan to convert the existing 8,400-square-foot building into a low-cost veterinary clinic and build a 19,000-square-foot two-story building.

Meanwhile, Executive Director Liz McCauley and her team going out and taking care of others, Elardo said.

Cape Coral Groves

The Groves is planned as a combination of restaurants, fitness centers, and entertainment for Southwest Florida.

The 130-acre mixed use project to be located along Southwest Pine Island Road is still under development as they work to prepare the water and utilities for the establishments.

The proposal is intended as an outdoor town center with open spaces, residences, retail and offices as well as a hotel.

Gilbaine Development Company Project Pine Island Road W

The Gilbaine Development Company project features a 120-room hotel, freestanding restaurant, 10,000 square feet of commercial space, and two phases of multifamily apartments that will bring 600 new units to the market.

“We’ve been designing the project for a year already. It’s at the southwest corner of Pine Island Road and Veterans Parkway,” said Daniela Rodriguez. “The first phase will start construction towards the middle of this year. The first phase will include the commercial component, the hotel, the restaurant, and the retail space, so we hope that the project can create dozens of high-paying jobs.

Lake Shadroe Marina and Resort

Lake Shadroe Marina and Resort are developing 48 airbnbs and creating waterfront dining, coffee shops, and tourist attractions for visitors.

“There, we’re going to have a waterfront restaurant with a really large tiki bar going out into the water. We’re looking forward to having live music up there in the northwest,” said Robert Knight, representing the project. “We’re looking to have a gourmet coffee shop. We’re looking to have maybe even a cigar bar up there. So, we are looking to create a whole bunch of amenities that are going to add value to that.”

BaRunch and Hooked Island Restaurants

After Hurricane Ian damaged their previous location, Hooked Island offers a variety of seafood, steaks, burgers, and appetizers. BaRunch is a new adaptation to Cape Coral, a new brunch spot that serves breakfast, lunch, and brunch items, including specialty mimosas.

“Everything we do is kind of different. We do lots of seafood. We do steaks, we do burgers. We do lots of different kinds of appetizers from all over the country,” said Kyle Sherman of Hooked Island Restaurants. “We are planning to open up at the beginning of March. If everything goes correctly, there’s always hiccups there.

“We have brunch, breakfast, lunch all day, every day. What that means for you is you can come in and try some of our specialty mimosas,” said Shelly Gentry of the restaurant at 1327 Cape Coral Parkway. “We are so happy to be a part of the community here in Cape Coral.”

Lee Health and Bimini Place

Cape Coral Hospital is expanding its emergency department, adding observation beds, and increasing the intensive care unit. Bimini Place will help people get the care they need without worrying about overcrowding.

“We’ve just completed an expansion of the emergency department at Cape Coral Hospital, adding Fast Track rooms so that patients with minor illnesses can get to the ER and get out more quickly. We’ve added observation beds there,” said Dr. Larry Antonucci, CEO of Lee Health. “We’ve added and expanded our intensive care units. April Hospital, we now have up to 34 beds in the intensive care unit. We’re very excited that we’ve expanded our dialysis program in the hospital. One of the issues that we’re grappling with not only here locally but around the country is a shortage of providers.

Bimini Place is part of the $120 million project in the South Cape that broke ground in October.

Located on Cape Coral Parkway, just west of Four Freedoms Park, Bimini Square will be home to luxury apartments, a Deep Lagoon waterfront restaurant, a Lee Health medical facility and a variety of retail shops.

Cape Coral Bridge

The process of adding two additional lanes to the Cape Coral Bridge is expected to be a long one. The plans involve preparing the permits, and construction is predicted to be completed by 2026.

“The process is a very long process. I know that’s not what people want to hear. We have to go through a planning design and environmental study to be cured. The monies necessary to build a bridge. The studies will be done in 2024, and we will start construction simultaneously in 2026,” said Lee County Commissioner Kevin Ruane. “From that process, it takes two years, unfortunately, to go through the building and procurement of this process, securing the funds going out to RFP to make sure it’s fair and transparent and giving people the opportunity to do exactly what they can bid for it.

The Cove at 47th

The Cove at 47th is a $103 million plan to construct 327 luxury apartments, 19,000 square feet of ground-floor retail or office space, and a 585-space parking garage.

The walkable complex, at 870 S.E. 47th Terrace in the South Cape, includes plans for restaurants and eateries with Aqua Seafood and Steaks announced in December at the anchor tenant.

“We are excited to welcome our first residents in late summer of 2024,” said Katie Lepert, property manager.

7 Islands-Gulf Gateway Resort and Marina Village

The 7 Islands-Gulf Gateway Resort and Marina Village is a massive project that got its start 13 years ago when the city bought the northwest Cape site as part of a massive foreclosure land buy.

The project now coming forth from a private developer features a 240-room hotel, a lagoon pool, restaurants, retail, condos and 72 fish houses, along with uncluttered public docks, a Community Center, a public island and tons of amenities for families and residents.

“We’ve been working with four different architectural groups developing each of the different components, and we’re making sure the project is going to be an amazing project for everybody in the area, for the public, and all the people that come to visit the resort destination,” said Peter Baytarian, representing 7 Islands-Gulf Gateway Resort and Marina Village. The resort is open to everyone. All the islands are open to the public. They’re open to visitors you can come by golf cart, by car, walk by paddleboard, or by boat, we have transient slips, we have slips at all the restaurants, and we’re encouraging everyone to come and visit all the islands.”

To reach JOHNATHAN MINEHAN, please email news@breezenewspapers.com

Booming business is always in-season in Cape Coral, and while some wait for the permit backlog to shake free, other projects in the city are taking a step forward, or even changing hands.

A pair in the city’s South Cape are now at the forefront of what’s pending.

The Cove at 47th — a luxury mixed-use development at 870 Southeast 47th Terrace — is set to break ground on Aug. 24 at 10 a.m.

The project replaced the former “Village Square” mixed-use development that was in the works for more than a decade. Indianapolis-based developer Flaherty & Collins Properties, which is highly experienced in developing urban mixed-use development projects, is poised to break ground on the $66 million dollar development.

“The Cove at 47th will be a catalyst to South Cape just like the Street Scape project was to S.E. 47th Terrace,” said Cape Coral Community Redevelopment Agency Chair Linda Biondi. “This will be an amazing addition and hopefully will be the start of wonderful things to come.”

The project consists of 285 apartment units, consisting of studios, one-, two- and three-bedroom units; 19,000 square feet of restaurant space including a rooftop bar, and a 525-space parking structure with 125 spaces reserved for the public on the two lower levels of the garage.

Bimini Square

Another massive project just about ready to break ground in Cape Coral is Bimini Square. Biondi said it is her understanding that project will break ground in the fall. Bimini Square is a more than 500,000-square-foot site on the doorstep of Bimini Basin.

Larry Nygard, president of Crown Development out of West Fargo, North Dakota, purchased the land in August of 2020. This is his third development in the Cape, the others being Cape at Savona and The Club on Pine Island.

Bimini Square is set to bring new housing, Lee Health facilities, and restaurant to the city. The $80 million project is planned for location on the west side of Bimini Basin between the water and Cape Coral Parkway, between Palm Tree Drive and Sunset Court. Bimini Square’s residential component encompasses 280,885 square feet, features 198 apartments and five-story buildings.

There is to be a six-story parking ramp and facility that encompasses 150,000 square feet with 504 stalls. Nygard said in an earlier report there are plans for a rooftop resort-style pool on the top floor above the garage, complete with cabanas, overlooking the Bimini Basin.

Apartments are branded “upscale” ranging from studio apartments to three bedrooms. Residential amenities include granite countertops, tile backsplash, under cabinet lights, tile walk-in shower, high-speed Internet, vinyl plank flooring, stainless steel appliances, and balcony. Some premium units include two balconies. Apartment square-footage in select units nears 1,700.

Planned community amenities include a pet park, pet spa, concierge, hammock cove, fire pits, outdoor lounges, fitness center, EV charging stations, open workspaces, parlor games, and a secure community.

“This will be another huge project that will expand our area,” Biondi said. “Most people think that just Southeast 47th Terrace is South Cape (the CRA) but we encompass a lot more. Bimini Square will be waterfront dining, retail, apartments and a Lee Health facility right here in South Cape.”

Lee Health will have 78,769 square feet to its name at Bimini Square, made up of inpatient and outpatient services, along with housing for medical staff.

It includes a four-story building on the corner of Palm Tree Drive and Cape Coral Parkway attached to the facility. The first two stories are designated medical officer services and some hospital outpatient services, with the other two being apartments for clinical workers.

ALDI

One of the grocery industry leaders has announced the opening of its new Cape Coral location on Aug. 18 at 2615 Santa Barbara Blvd.

ALDI officials said the new store is part of the retailer’s aggressive expansion plan, keeping the company on track to be the third-largest U.S. retailer by store count by the end of the year.

The store will be open daily from 9 a.m. to 8 p.m. The first 100 customers will receive a gift bag filled with a sampling of ALDI Fan Favorites products and a gift card as part of the ALDI Golden Ticket gift card giveaway program. Shoppers can also enter a sweepstakes for a chance to win a $500 ALDI gift card.

“Our stores are designed to make grocery shopping smarter, faster and easier, and we’ve been voted the price leader for five years running,” said Chis Hewitt regional vice president for ALDI. “We have served this community for more than 5 years and are excited to continue to offer Cape Coral residents an affordable way of shopping.”

For more information about ALDI, visit aldi.us.

Sprouts

One of the fastest-growing retailers in the country will soon finish construction on a new location in Cape Coral.

Sprouts Farmer Market, a unique open-layout grocery experience with fresh produce at its core, plans to open on Oct. 7 at 7 a.m. at 1800 Northeast Pine Island Road.

Sprouts is bringing approximately 100 full and part-time career opportunities to the area. Their healthy approach to grocery shopping means potential team members should share a passion for the fresh, natural and organic products offered throughout the store. Those interested in positions at the new Cape Coral store will have two opportunities to apply: virtually today, Aug. 12, and in-person from 8 a.m. to 6 p.m. on Aug. 23 at the Crowne Plaza in Fort Myers (13051 Bell Tower Drive).

To learn more about open positions and team member benefits, or to apply, visit sprouts.com/careers or call 1-866-925-2396 for non-managerial roles.

“Sprouts welcomes shoppers with a farmer’s market experience and open layout featuring fresh produce at the center of the store,” officials stated. “Innovative, seasonal and attribute-driven products such as organic, plant-based, keto, paleo and more offer a treasure hunt shopping experience amid Sprouts’ healthy assortment.”

For a list of stores by region or to see other locations coming soon, visit sprouts.com/stores.

Kia Dealership changes hands… again

For the second time in as many years, the former “HUGE” Kia dealership owned by Billy Fucillo has been sold.

According to documents filed with the U.S. Securities and Exchange Commission, LMP Automotive Holdings, Inc., a Delaware corporation, agreed to pay Fucillo’s group $36 million in late 2020 for the Cape Coral and Port Charlotte dealerships, along with $33 million in real estate.

LMP Automotive Holdings, Inc. announced in a release this week it has entered into dealership and real estate asset sale agreements to sell its Kia dealerships in Cape Coral and Port Charlotte, as well as other dealerships in West Virginia. The Company anticipates the closing of the sale will occur in October of this year, subject to the terms of the agreements and numerous conditions precedent to close. According to SEC documents, LMP automotive Holdings, Inc. is selling the dealerships and real estate for $133 million.

“The Board and the management team all believe that given the diversified nature of our portfolio, pursuing multiple transactions with different potential buyers for assets or groups of assets presents the best opportunity to maximize stockholder value,” stated Sam Tawfik, chief executive officer and chairman, in the release. “We believe that the Plan of Liquidation will maximize stockholder value as we continue to sell our remaining assets. Management believes that upon finalization of the Plan of Liquidation we expect that the Company will be able to distribute approximately $115 million to $126 million to shareholders.”

To reach CJ HADDAD, please email news@breezenewspapers.com