NEW YORK, Dec. 6, 2021 /PRNewswire/ -- Renascence Equity Ventures Corporation has moved forward with its plans to build a national owner and operated commercial real estate and entertainment tech company as it moves forward with its inaugural first round $400M private placement offering. The private IPO offering funding round is expected to go-live to the marketplace on the week of December 15, 2021 for accredited and institutional investors and is expected to close in April 2022.
The firm has already targeted its first mixed use hotel and residential retail properties in New York and in three other States for acquisitions and is also exploring other commercial real estate development opportunities through public and private partnerships for much needed affordable housing and community cultural spaces.
Renascence has entered into preliminary agreements to purchase its first three mixed use properties with plans to close in early 2022. The firm is in various stages of negotiations on three other major development sites that include New York City, Los Angeles, and Atlanta to be acquired that will include new hotels, affordable housing, retail, and entertainment venues.
"The firm's ownership started out with a small set of apartment buildings, that has grown, and is now expanding its real estate portfolio with an all-star development team and operational management partners who have owned and operated major commercial real estate office buildings, hotels, residential apartments, retail and hi-rise development projects," says David Gray, Corporate Communications.
Renascence Equity Ventures is also in the process of completing its architectural design phases for a high rise in Manhattan, NYC. The joint venture development will include The Hip Hop Hall of Fame (501c3), a Hotel, Office, Residential, Retail and Entertainment Complex with a Cultural Arts & Tech Education Center in the planned 1.4M square foot building slated to open in Midtown Manhattan in 2024/2025 adjacent to the Empire State Building, Madison Square Garden and Penn Station as part of the new infrastructure and transportation economic revitalization plans recently unveiled. In the meantime, the HHHOF will open a Hip Hop Café ™ & Interactive Gallery in Harlem in 2022 as it prepares to bring back its flagship Hip Hop Hall of Fame Awards TV Show 'Induction Ceremony & Concert' in 2022 as seen on BET in the 1990s as talks and negotiations continue with major producers and television networks.
The firm will utilize the new round of equity funding to expand its commercial real estate portfolio, operations, staff, partnerships, marketing, and tech capabilities to scale its businesses with quantifiable value propositions and proven industry growth strategies.
Renascence plans to operate its brand as a contemporary and technologically enabled value creative portfolio of companies with unique properties, and endeavors to systematically drive expansion through these types of real estate acquisitions and development projects, entertainment and tech properties, and the advancement and training of an exceptional executive leadership team and staff that is being assembled from all sectors.
The Offering, made on a best-efforts basis, and the first round is estimated to have maximum gross proceeds up to $400 million in shares of stock to be announced, as round one of the scheduled four rounds of its $3 billion capitalization and expansion plan. More details of the offering and its filings will be released in the coming weeks.
This press release does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful.
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SOURCE Renascence Equity Ventures Corp