ZICIX+CTIP-FII RECEIVES NOTICE TO PROCEED FROM PROJECT OWNER TO START THE $20 MILLION SENIOR CITIZENS RESIDENCE PROJECT IN NEWARK, NEW JERSEY
Carson City, NV
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March 06, 2023 08:30 AM Eastern Standard Time
McapMediaWire -- Zicix Corporation’s (OTC Pink: ZICX) Chairman, Mr. William A. Petty has received a progress report from its ZICIX President, Mr. Fernando M. Sopot that ZICIX+CTIP-FII has been issued a Notice To Proceed (NTP) to start the development of the $20 million Senior Citizens Residence Project located at 861-869 Clinton Avenue, (Block 3016/Lot 25), Newark, New Jersey 07108. ZICIX+CTIP-FII in its capacity as the Project Developer accepted the NTP from the Project Owner, the International Federation of Chaplains, Inc. (IFCI) to start its development works as mandated in their contract.
ZICIX+CTIP-FII in its capacity as the Project Developer is expected to mobilize all the participants in the Project which includes the architectural and engineering firm, the structural engineers, and other consulting firms involved in the specialty works.
ZICIX+CTIP-FII, role, obligations and responsibilities are defined in the contract between the Project Owner and ZICIX+CTIP-FII. By technical definition, Project Developer is a professional firm, that manages the operation of a project, by being the lead of an oversight team, conducting research and creating plans that best suit the needs of the Project. Its role begins from assisting IFCI to create a vision for the property until the Project is completed and turned over to IFCI.
In addition, the Project Developer creates and proposes to the Project Owner, the right financial structure for the Project. In its capacity as the Financial Engineer for the Project, ZICIX+CTIP-FII will work alongside the Architectural and Engineering Design Group, the Construction Management Group, and the General Contractor, to research, develop project activities, schedules, and regular progress reports, including negotiating with other strategic investors/partners and a lender the right financial structure for the project, making sure that the terms and conditions are reasonable and acceptable to the Project Owner.
ZICIX+CTIP-FII will supervise the development team daily to execute assigned tasks within set deadlines and adherence to the budget. ZICIX+CTIP-FII will act as the primary contact for the Project Owner’s queries and concerns. The role and responsibilities are further defined as follows:
Expected Participants in the Project
The other participants in this Project with ZICIX+CTIP-FII as the lead team includes WSM & Partners, providing A & E services, Integra Consultants, a structural engineering consultant, Arco and Jayeff Engineering Co. providing construction management services, and another group that is expected to join as the General Contractor, the China Construction America, Inc., a wholly owned company by China State Construction and Engineering Corporation (CSCEC) rated as top 5 largest international construction company by the Engineering News Record (ENR)
What does “Senior Housing” mean?
Senior Housing is housing that is suitable for the needs of an aging population. It ranges from independent living to 24-hour care. In senior housing there is an emphasis on safety, accessibility, adaptability, and longevity that many conventional housing options may lack. (Source: nepahousing.org).
Senior Housing is designed for “Independent Living also called Adult Retirement Communities” as defined by the State of New Jersey’s Division of Aging Services. The usual entrance age for this kind of facilities is 55 years old or older. These facilities are registered with the New Jersey Department of Community Affairs.
Project Description
The Senior Citizens Residence Project is a 5-storey building with one underground basement that will be constructed in a lot area of about 12,400 sq. ft. while the footprint of the building is about 6,235.40, thus the total gross floor area of the 5-storey building will be 31,177 sq. ft.
The basement floor will include utility rooms and commercial kitchen. The first floor will include one outpatient clinic, a cafeteria, and a common area for various activities. All the residential units will be located at the second, third, fourth and fifth floors.
Purpose: This project focuses on serving senior citizens by providing a comfortable lifestyle such as providing various spaces and functions throughout the building for different activities, healthcare, and outdoor areas in a safe and controlled environment.
Building Data: Each residential floor is composed of 4-one-bedroom units and 7 studio units. The units vary in size from 400 sq. ft. to 510 sq. ft. Notably, the first floor will host a clinic with a 900 sq. ft. space, a common area and a cafeteria (1,800 sq. ft.) and covered parking. The basement level will also be equipped with a complete commercial kitchen to serve the residence. The exterior architecture of the building complements the nearby buildings having partly brick facades, while keeping a contemporary and balanced form.
Construction period: 24 months.
The Budgetary Cost
The total budgetary cost (development cost) estimates (BCE) are expected to be about $20,000,000,.00 with the following breakdown: A) Soft Costs and other expenses- $1,975,000.00, and B) $18,025,000.00 for the construction costs. The total number of residential units will be 44 at 11 units per floor starting at the second floor to the fifth floor. There will be a nice well decorated lobby at the ground floor including administration office and commercial spaces.
ZICIX+CTIP-FII investments
The contract between IFCI and ZICIX+CTIP-FII includes the option of ZICIX+CTIP-FII to invest into Project by acquiring partial ownership interest into the Project.
ZICIX+CTIP-FII is currently having a portfolio of infrastructure projects under management of more than $825 million, involving construction of buildings, hospitals, public road projects, renewable energy, and the support to various Ministry of Health (MOH) in several countries for their Disaster Preparedness Plan, by supplying emergency vehicles to the Local Government Units (LGUs) through MOH.
Special Purpose Entity (SPE)
The Project will be owned by an SPE named and registered as SA Residence for Seniors, Inc. (SARSI). The IFCI, in its capacity as the landowner, shall assign the land to the SPE as part of its capital contribution for the Project.
$20 million Senior Citizens Residence Project (Multimedia Presentation)
About the Corporations:
ZICIX Corporation (OTC: ZICX) – Originally founded as a service provider to the Healthcare industry, the ZICIX Corporation has recently been restructured with the intention of acquiring and developing technology applications designed for service companies in consumer, retail, and other industries. www.ZicixGroup.com.
CTIP First Investment, Inc. (CTIP-FII), a subsidiary and operating company of ZICIX Corporation. It is a private investment and providing investment banking services focused on Public-Private-Partnership (PPP) mode, and project development services, involved in undertaking development projects for both the Government and the Private Sectors respectively. CTIP-FII designs and brings the right financial engineering to project owners and creditors to fund development undertakings and permanent mortgage.
Safe Harbor Act: This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities and Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking Statements” describe future expectations; plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan or planned”, “will” or “should”, “expected”, “anticipates”, “draft”, eventually”, or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the “forward-looking statements” because of various factors, and other risks identified in a company’s annual report.
For additional information: Visit our website at www.Zicixcorp.com or call 830.331.0031. We are also on Twitter @ZICIXCorp.
Contact Details
ZICIX Corporation
+1 830-331-0031
Company Website
