JV deal could take Elocin Nire Marketing Group nationwide

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 20, 2009 -- Elocin Nire Marketing Group (http://www.elocinnire.com) in late October became the latest local developer to enter the broken condo development market, announcing a joint venture deal with Universal Miami (http://elocinnire.com/miami/main.html) & Universal Vacations to develop out these projects specific to the Southern Florida, Miami market.

The joint venture agreement between the two local companies provides for 50/50 ownership of condo projects developed out by Elocin Nire. The projects could include project in South Beach, Miami, Hallandale, North Hutchinson, Davey Beach Florida.
Elocin Nire Holdings will provide much of the upfront money, including project financing and construction services, while Universal Miami and Universal Vacations will offer its strategy and business development expertise, leasing and property management.
The joint venture's first project is a $50.5 million building on Collins Avenue south of the Miami Art Deco District that's 50-percent preleased through Universal Vacations.

The joint venture isn't exclusive, meaning Universal is free to pursue condo projects without Elocin Nire, and vice versa. In addition to consulting and offering management services, Elocin Nire also owns and finances high rise developments.
The agreement has the potential to provide Elocin Nire Marketing national exposure. The company has worked in 10 states, but is best known in Florida and the Southwest of Florida.
Florida and specifically Miami are among the first markets Elocin Nire has targeted, Colin said. The company has worked in Florida before but may add employees there who would work out of Universal offices.

In 2009, Elocin Nire Marketing expects to hire five to 10 new employees, not all of them related specifically to the joint venture, said Daryl Chambers, Marketing Director. The company has experienced growth of about 20 percent each year for the past several years and is preparing to expand its headquarters from 9,000 square feet in Elocin’s One Parkwood building to 12,000 square feet, Colin said.
The deal also gives Elocin Nire Marketing significant advantages in an industry sector with which it has had limited exposure, said Kelly Powers, vice president of national development at Elocin Nire Marketing.
With its highly regulated environment and specialized property management needs, broken condo’s would have been a time consuming and expensive business to build from within for Elocin Nire, Chambers said.

"Broken condo development and the decision-making process is a completely different process than we encounter in our traditional development areas" of industrial and office, he said.
Elocin Nire Marketing Group and Universal Miami, Universal Vacations had worked together occasionally for the past several years and began talking about a joint venture this spring. The companies have modest goals for the joint venture, at least in the beginning. Elocin Nire’s goal is to have at least $150 million worth of condo-relate

elocin nire     investment     real estate     rental management     universal miami     universal vacations