EAGLE POINT, OR / ACCESSWIRE / February 11, 2015 / Grow Condos, Inc. (GRWC) developer of warehouse condominiums for the legal medical and recreational cannabis industry announces the execution of a Purchase and Sale Contract on 2.67 acres in the Pioneer Industrial Park, Eugene, Oregon for $395,000.
It has been confirmed by Mike McKerro, City of Eugene, Oregon Land Use Analyst, “that the use of growing indoor marijuana in the I-3 zone we discussed is a permitted outright use as ‘horticulture’ for this parcel of land.”
Grow Condos, Inc. plans to build approximately 60,000 square feet of industrial warehouse condominiums for the cannabis industry. This project will be built out in 3 phases. Phase one consists of the infrastructure and the first building of about 20,000 square feet. Phase two will be for the second 20,000 square foot building and Phase three will be the final 20,000 square foot building. As soon as all the plans are approved by the City of Eugene and building permits are issued, Grow Condos, Inc. plans to begin taking reservations for the units. If the demand is as strong as indicated in the current market, Phase two and Phase three may be combined into building both 20,000 square feet buildings at the same time. With the legalization of recreational marijuana in Oregon on the horizon, we believe there is a great deal of demand for growing space and that Eugene is an excellent location.
Wayne Zallen, President and CEO of Grow Condos, Inc. says, “We are excited to have entered into a contract with Geomax, Inc. an engineering firm located in Cottage Grove, OR for the Site Development, Site Plan Review and Engineering for the project.” They have done other projects in the Pioneer Business Park and are familiar with the intricacies of the site and needs of a project like this. The Phase one report has been ordered and is expected within 30 days; as soon as the report is issued we will proceed with the necessary steps to begin the design process.
Grow Condos, Inc. plans to begin “turning dirt” in April with completion and occupancy of Phase one sometime in the Fall of 2015.
Grow Condos, Inc. owns and operates a 15,000 square foot facility in Southern Oregon that is fully occupied. The Eugene project is its second. “We are aggressively looking all over the Western States for further development opportunities,” says Zallen.
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company’s products, increased levels of competition for the Company, new products and technological changes, the Company’s dependence on third-party suppliers, and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
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Safe Harbor: This release contains statements that constitute 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 statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Grow Condos, Inc, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Condos, Inc. ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Grow Condos, Inc. filings with the OTC Markets, Securities and Exchange Commission and/or the company’s website.
Source: Grow Condos, Inc.