Azur Holdings, Inc. Announces $42.7 Million Appraisal on Shell Landing Property and Other Related Parcels Wednesday January 10, 2:00 am ET
FT. LAUDERDALE, FL--(MARKET WIRE)--Jan 10, 2007 -- Azur Holdings, Inc. (OTC BB:AZHI.OB - News), (Frankfurt:HCPB.F - News), a luxury residential and resort development company, announced today the results of a new MAI appraisal on the Shell Landing Development Property and other related parcels. In October of 2006, Shell Landing received unanimous votes from the city council members of the City of Gautier approving the re-zoning of certain parcels from single-family development to Planned Unit Development. A Planned Unit Development zoning for these parcels increased the property's density by over 2,000 units. Through a combination of these re-zoned parcels and an increase in property values, which are illustrated below, the new appraisal valued this property at $31,185,000. A previous appraisal valued the property at $19,170,000. This is an increase of over 60% from the previous appraised value.
In addition, Azur Shell Landing Resort, Inc. has an option to purchase an additional tract of land. This property is valued at $11,600,000, pursuant to this new appraisal.
Previous Current Parcel Appraised Appraised Description Value Value -------------------------------------------------------------------------- 221 Existing & Proposed Residential Estate Lots $10,280,000 $10,810,000 -------------------------------------------------------------------------- 330 ± acres $2,500,000 $8,100,000 -------------------------------------------------------------------------- 14.29 ± ac. Condo Site $1,700,000 $1,800,000 -------------------------------------------------------------------------- 18.08 ± ac. Condo Site $2,000,000 $2,600,000 -------------------------------------------------------------------------- 20.00 ± ac. Apartment Site $800,000 $1,500,000 -------------------------------------------------------------------------- 2.10 ± ac. Townhome Site $300,000 -------------------------------------------------------------------------- 25.37 ± ac. Townhome Site $3,100,000 -------------------------------------------------------------------------- 10.91 ± ac. Commercial Land $390,000 $545,000 -------------------------------------------------------------------------- 60.86 ± ac. Commercial Land $1,500,000 $2,430,000 -------------------------------------------------------------------------- Option Tract *$10,000,000 $11,600,000 -------------------------------------------------------------------------- Total New Appraised Value (with option tract) $42,785,000
*Option Purchase Price
As a result, the combination of all the property parcels creates a new appraised value at $42,785,000.
About Shell Landing Development
Azur Shell Landing Resort Development is a master planned golf course community on approximately 1,400 acres. The Shell Landing golf course is a Davis Love III Signature design and has received numerous accolades. www.ShellLanding.com
About Azur Holdings, Inc.
Azur Holdings, Inc., based in Fort Lauderdale, Florida, is a publicly traded company that currently develops and markets luxury residential and resort properties. Additionally, the Company has several real estate projects under consideration, including the purchase and development of luxury hotels and resorts, domestically and internationally, and land purchases in strategic areas that can provide inventory for future development. For additional information about Azur Holdings, Inc., go to www.AzurHoldings.com.
Source: Azur Holdings, Inc.
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The Private Securities Litigation Reform Act of 1995 may provide a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of Azur Holdings, Inc. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions.
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