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The Providence Group of Georgia Announces Joint Venture for 115 Acre, Age 55+ Development in Peachtree Corners, GA

981 Days ago

Green Brick Partners, Inc. Team Builder, The Providence Group, to construct for-sale residential units in new East Jones Bridge community

PLANO, Texas, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (Nasdaq: GRBK) (“Green Brick”) is pleased to announce that Green Brick Partners’ subsidiary, The Providence Group of Georgia, has purchased a 115-acre tract of land located off East Jones Bridge Road in Peachtree Corners, GA., with 4000 feet of frontage along the pristine Chattahoochee River. The community will be a joint venture partnership between Atlanta-based active adult land investment group, East Jones Bridge, LLC, and Green Brick subsidiary, The Providence Group.

The Providence Group will be constructing all of the for-sale residential units and will partner with a third-party company to construct independent and assisted living components, making this venture the largest, most compelling age-in-place community ever contemplated in this part of the Atlanta MSA. 

“East Jones Bridge sits in a prime location due to its close proximity to Gwinnett, North Fulton, and Forsyth counties,” said Warren Jolly, President of The Providence Group. “With a robust aging population, we saw heavy demand in the market for a community of high-quality homes specifically built with the needs of the 55+ active adult community in mind.”

The community will consist of 916 units of mixed age-restricted product with sweeping views along the Chattahoochee River. The for-sale residential plans will include a diverse array of condominiums, townhomes and single-family homes. The project will also contain age-restricted independent and assisted living components, as well as memory care facilities. In addition to offering a varied mix of products, the community will be gated and will feature ample amenities for active adults with an emphasis on wellness, sustainability, connectivity, and innovation that embraces technology. Upon completion, the community is expected to be one of Georgia’s most preeminent communities for 55+ active adults.

“From the moment we successfully acquired this property we knew we had the opportunity to do something very special. It was important for us to get input from the city of Peachtree Corners on what the mayor and council thought was needed in our city. With the vision in place, we knew the missing ingredient was a great partner, and that partner was The Providence Group. We have worked together for almost a year to make this dream become a reality,” noted Ken Shumard and Gary Chamblee of The Shumard Group.

Peachtree Corners is currently the largest city in Gwinnett County, GA., which has historically been one of the fastest growing counties in the Atlanta region. The East Jones Bridge property is located in the “heart” of Peachtree Corners along the Chattahoochee River, adjacent to the 30-acre Jones Bridge Park and within 1.25 miles of the newly constructed Town Center with abundant shopping, dining and entertainment venues.

“This is welcome and important news for our community,” said Mayor Mike Mason. “As Peachtree Corners’ population ages, we want to make sure that housing for these citizens is available. This project will provide that housing while respecting the sensitive river corridor and tree canopy that we all love and enjoy. We welcome the Providence Group and look forward to their exciting project.”

The Providence Group anticipates beginning construction in January 2020. First homes will be available for sale in Q4 of 2020.

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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