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Green Brick Partners Subsidiary GHO Homes Closes on Barrier Island Site in Vero Beach, Florida

988 Days ago

GHO Homes to develop single-family and attached villas with beach access across 26 acres.

PLANO, Texas, Oct. 14, 2019 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (Nasdaq: GRBK) (“Green Brick”) is pleased to announce that its subsidiary, GHO Homes, has closed on the land for its newest community on the Vero Beach barrier island in Vero Beach, Florida.

GHO Homes intends on constructing new homes across the 26+/- acre parcel, divided between single-family and attached villas.  Homes in the community will be priced starting under $1 million.  Plans for the new homes and villas are still in design, with a planned opening for sales in 2021.

"Part of what makes this community so special is that the site represents one of the last parcels of any size on the north end of the island for residential development," said Bill Handler, President of GHO Homes.  "We believe this community will quickly become one of our premier sites for those seeking a new home, with a Vero Beach island location built to today's updated standards".

The community, located on the corner of Wabasso Causeway and A1A, will offer residents deeded beach access, which enhances the value of those seeking a beach lifestyle without beach property. This new community will bring an additional level of opportunities to live in a GHO Home. Currently, GHO Homes is building in over 20 neighborhoods throughout Indian River County and offers products from the low $200s to over $1 million. 

"GHO Homes has worked aggressively this year expanding their brand throughout the Treasure Coast, opening 6 new communities for sale, with plans for an additional 2 communities before year end. Orchid Cove, GHO Homes other island community, will open its new model center in December," said Jim Brickman, CEO of Green Brick Partners. "Despite the higher price points of the island, the product offerings, included features, and GHO Homes quality workmanship provides the buyers a great value for their investment." 

About Green Brick Partners, Inc.:

Green Brick Partners, Inc. (Nasdaq: GRBK) is a diversified homebuilding and land development company. Green Brick owns a controlling interest in five homebuilders in Dallas, Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Centre Living Homes, and Trophy Signature Homes), as well as a homebuilder in Atlanta, Georgia (The Providence Group) and a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also owns a noncontrolling interest in Challenger Homes in Colorado Springs, Colorado and retains interests in related financial services platforms, including Green Brick Title, Providence Group Title, and Green Brick Mortgage. The Company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master planned communities. For more information about Green Brick Partners Inc.'s homebuilding partners, please visit https://greenbrickpartners.com/team-builders/

Forward-Looking and Cautionary Statements:

Any statements in this press release about Green Brick’s expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “predicts,” “potential,” “expects,” “future,” “positioned,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. These statements are based on assumptions that Green Brick has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances, as of the date of this press release. All such forward-looking statements involve estimates and assumptions that are subject to factors that could cause actual results to differ materially from the results expressed in the statements, and you should not place undue reliance on any such forward-looking statements. Among the factors that could cause actual results to differ materially are the following: general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; the failure to recruit, retain and develop highly skills and competent employees; management and integration of acquisitions; labor and raw material shortages; an inability to acquire land for reasonable prices; an inability to develop and sell communities; government regulation risks; mortgage financing availability and volatility; severe weather or natural disasters; difficulty in obtaining sufficient capital; poor relations with community residents; and our debt and related service obligations. Additional factors that could cause actual results to differ are discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's annual and quarterly reports filed with the Securities and Exchange Commission. Green Brick undertakes no obligation to update any forward-looking statement except as required by law.

Contact: Shalott Cecchini
Marketing Manager
(T) 469-573-6741

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