Ault Alliance Signs Listing Agreement to Sell St. Petersburg High-rise Multifamily Project for $20 Million Asking Price
October 02 2023 - 6:30AM
Business Wire
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”) announced
today its wholly owned subsidiary, Third Avenue Apartments LLC
(“Third Avenue”), itself a wholly owned subsidiary of Ault
Global Real Estate Equities, Inc. (“AGREE”), has listed for
sale its multifamily development site in St. Petersburg, Florida.
Third Avenue has signed a listing agreement with international
brokerage firm CBRE Inc.
The decision to sell the approximately one-acre property follows
the decision to also list the four hotels also owned by AGREE and
is driven by the Company’s desire to focus on its core businesses,
including the crane rental business, the California licensed
lender, and data center operations, which includes Bitcoin mining.
Another driving force for selling the property is the current
macroeconomic climate and the high-interest rate environment the
financial markets are experiencing. Overall, the development of a
high-rise multifamily project does not fit the Company’s current
focus or capital allocation strategy. However, the Company is
extremely proud of the redeveloped project and is confident that
potential developers will benefit from the time and effort expended
by the Company and all parties involved in the process. The Company
plans to use the proceeds from the sale of the St. Petersburg
property to pay off debt and commit more capital to its core
businesses.
The project was redeveloped to permit a 23-story, 285-unit,
mixed use multifamily property with luxury amenities throughout.
While maintaining city standards for integrating the development
into the local St. Petersburg community, the project was meant to
bring a youthfully expressive property to celebrate the lifestyle
of all current and future residents. The redevelopment designed
proposed by Third Avenue and approved by the local zoning board
planned resort-style amenities, including a fitness center, bowling
alley, golf simulator, pool and amenity deck, and a dedicated pet
grooming space. The ground floor anticipated multiple retail spaces
for potential tenants providing residents and locals dining,
retail, and fitness options to complement the projects
amenities.
Milton “Todd” Ault III, Executive Chairman of Ault Alliance,
shared his insight on the decision to sell the project, “We are
proud of the time and effort expended to bring this project to this
point and are excited to deliver a shovel-ready development to
potential purchasers and the St. Petersburg area. The Company
believes this project, in hands of the right development group,
will succeed in bringing a unique and lively development to a
historic St. Petersburg downtown location.”
Ault concluded, “There can be no assurance that the project will
be sold or that our asking price will be met. With that being said,
the Company believes the project is well-situated to capitalize on
the fast-growing St. Petersburg market. The Company is optimistic
that the project will garner significant interest on the open
market and is excited to work with any potential purchaser
throughout the transition.” Interested parties are encouraged to
contact Ault Alliance for further details.
For more information on Ault Alliance and its subsidiaries, Ault
Alliance recommends that stockholders, investors, and any other
interested parties read Ault Alliance’s public filings and press
releases available under the Investor Relations section at
www.Ault.com or at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, Ault
Alliance owns and operates a data center at which it mines Bitcoin
and offers colocation and hosting services for the emerging
artificial intelligence ecosystems and other industries, and
provides mission-critical products that support a diverse range of
industries, including metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, hotel operations and
textiles. In addition, Ault Alliance extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
Ault Alliance’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are
made, and the Company undertakes no obligation to update any of
them publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8- K. All filings are available at www.sec.gov and on the Company’s
website at www.Ault.com.
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Ault Alliance Investor Contact: IR@Ault.com or
1-888-753-2235
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