Big deal
Remington-Hall in Final Negotiations with Puson Corporation
DALLAS--(BUSINESS WIRE)--March 5, 1998--
Joint Venture with Indonesian Company Includes 20-Story Office
Tower, Hotel and Residential Golf Course Development
Remington-Hall Capital Corporation (OTC BB:REMH), a diversified real estate investment firm, has entered the final negotiating stages to form a joint venture with Puson Corporation, an international real estate company based in Jakarta, Indonesia.
The two companies are forming the joint venture to revitalize an existing 20-story office tower, build an adjacent hotel and develop a golf course residential community.
Under terms of the proposed agreement, the office building and hotel complex will be developed in stages. Remington-Hall will act as the managing partner to initially renovate the existing 20-story building with a projected tenant occupancy date as early as spring of 1999. Construction on the new adjacent hotel is expected to begin sometime after the office building renovation is completed.
The residential development is part of a master planned community centered around an 18-hole golf course, driving range and club. When completed, the residential development will contain over 300 homes priced from $250,000 to $500,000. Both the office tower/hotel complex and the residential development are located in the Dallas metropolitan area.
Remington-Hall and Puson have been discussing the joint venture since August of last year. "We've spent a long time making this project become a reality," said Douglas T. Fonteno, Remington-Hall president & chief executive officer. "But we've had to move very slowly and carefully. Economic conditions in Indonesia have had a profound effect on the final terms. We believe we'll finalize the specifics in the next few weeks." |
