SCOTTSDALE, Ariz., April 22, 2016 /PRNewswire/ -- Zoned Properties, Inc. (OTCQX: ZDPY), a strategic real estate development firm whose primary mission is to identify, develop, and manage sophisticated, safe, and sustainable properties in emerging industries, including the licensed medical marijuana industry, today announced a significant expansion of its flagship Marijuana Business Park in Parachute, Colorado.
The Purchase and Option Agreement expands the development from the initial acquisition of 1.5 acres, as originally announced, to 35 acres of available property, covering 12 parcels of land. The Company expects the closing date to be in late-June, contingent upon the approval of the Company's proposed development deal with the Town of Parachute.
Bryan McLaren, Chief Executive Officer of Zoned Properties, stated, "Our hard work to secure a responsible and vested development deal with the Town of Parachute, our established relationship with the seller as a development partner, continuing collaboration with local Real Estate Broker Del Dawson, and our unique Triple-Set (SSS) design and development model have enabled us to rapidly expand this project to its full capacity. The Town of Parachute has embraced our Triple-Set (SSS) design and development model, which includes a focus on a sophisticated, safe, and sustainable set of design principles. We envision that this design model will enable projects such as Parachute to someday operate with 'net-zero' energy usage. As with our development projects in Arizona, we are finding that our prudent and responsible approach, which carefully balances the needs of the municipalities, our tenants, and each local community, is resonating with all stakeholders involved helping us to maximize the potential of our growing portfolio."
About Zoned Properties, Inc. (OTCQX: ZDPY):
Zoned Properties, Inc. is a strategic real estate development firm whose primary mission is to identify, develop, and manage sophisticated, safe, and sustainable properties in emerging industries. The Company acquires commercial properties that face unique zoning challenges and identifies solutions that can potentially have a major impact on the cash flow and value generated. Zoned Properties, Inc. targets commercial properties that can be acquired and potentially re-zoned for specific purposes. Zoned Properties does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substances Act.
Safe Harbor Statement
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SOURCE Zoned Properties, Inc.