Project Summary
TRUE INVESTORS DEVELOPMENT (TID), is a Central Florida Development Company with a mission of “Transforming Cities, One Community at a time.” TID intends to undertake approval for entitlement rights to develop Modern, Affordable Single-Family Homes on the Property.
The Property is located at 1506 Olive Street, Lakeland, Florida. This 8.2-acre property is currently zoned RA-4 (Single Family) and I-1 (Light Industrial). Property is located in an “Opportunity Zone”.
True Investors Development team represents cultural diversity and diversity of mindset. We believe real change happens when great minds collaborate.
Our Story
Evolved from a dream, a problem and solution were exposed. There must be a Win-Win scenario for simple landowners to contribute in the enhancement of the nation’s progressive change. Landowners can bestow change by transforming their land to communities and bringing thriving change to a thirsty city.
This evolutionary dream stems from Franklin Cruz, our Founder. Mr. Cruz acquired 20+ years of Real Estate experience in conjunction with serving in the Army during the Iraq war. What separates Mr. Cruz from others is his driving force of losing his mother at the age of 10, he understood at that very moment that life is too precious.
He consistently poses the question to himself, “What would your 65-year-old self say to you right now?” The self-reflection fuels Mr. Cruz’s purpose to transform lives and cities. His military and real estate experience is a plus but his passion for “better” makes him rare and unique.
Our Company
True Investors Development team represents cultural diversity and diversity of mindset. We believe real change happens when great minds collaborate.
Our Philosophy
Elon Wright Residence inspirations is combining Frank Llyod Wright’s brilliant concept of organic architecture and Elon Musk’s passion for innovations & progressive change. These two inspirations sparked the birth of Elon Wright Residence. Our Residence is not the typical cookie cutter residential housing. It’s the modernism of homes. Elon Wright Residence is bringing the future of homes for today. Affordable homes that you can control the features with your fingertips.
“*Not affiliated with, but inspired by Elon Musk and Frank Lloyd Wright”
Olive Street Community Rendering
Building Specifications
Model: SF 4/3
Specs
Yr: 2021
Sqft: 1,750
Materials: Concrete Floors, Granite Countertops, Stainless Steel Appliances, Modern Kitchen Cabinets, Open Floor Plan, 2 Car Garage
Location: 1.2 miles away from Downtown Lakeland
Model: SF 3/3
Specs
Yr: 2021
Sqft: 1,500
Materials: Concrete Floors, Granite Countertops, Stainless Steel Appliances, Modern Kitchen Cabinets, Open Floor Plan, 2 Car Garage
Location: 1.2 miles away from Downtown Lakeland
Phase Breakdown
Project Timeline: 11-14 months
We will be running this similar to a commercial project.
4 – 6 months for site prep while simultaneously beginning the Construction Phase, where we will commence building the first 10 homes.
Total Project Cost is estimated to be $8,051,303 without interest, reserve, or closing costs.
Financial Phases: This project will be broken down into two financial phases, The Break Ground Phase and The Building Phase.
| Land Acquisition - Completed | $ 450,000 | |
| Break Ground Phase - Acquisition/Soft Costs | $1,316,291 | 4-8 months |
| During this phase we will incur: | ||
| Financing fee | $ 78,498 | |
| Development Costs | $1,237,793 | |
| Building Phase - Total Projection | $5,546,250 | 3-6 months |
| The First Building Phase will be | $2,844,231 | |
| Phase 1a: 10 Homes Hard Costs | $1,422,115 | |
| Phase 1b: 10 Homes Hard Costs | $1,422,115 | |
| The Second Building Phase will be | $2,702,019 | |
| Phase 2a: 10 Homes Hard Costs | $1,422,115 | |
| Phase 2b: 9 Homes Hard Costs | $1,279,904 | |
| Other Fees: | $738,578 | |
| Contingencies: | $563,578 | |
| GP Acquisition Fee: | $175,000 |
Financial Assumptions
