American Safety Announces Closings of First Condominium Units at Harbour Village Golf & Yacht Club.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Sept. 19, 2001 American Safety Insurance Group, Ltd. (NYSE NYSE See: New York Stock Exchange :ASI ASI, n See Anxiety Sensitivity Index. ) today announced that its real estate development subsidiary has begun closings of residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units in Building 100 at the Harbour Village Golf & Yacht Club project. Building 100, a four-story mid-rise building overlooking the Harbour Village Golf & Yacht Club marina and containing 32 pre-sold residential condominium units, received a certificate of occupancy A document issued by a local building or Zoning authority to the owner of premises attesting that the premises have been built and maintained according to the provisions of building or zoning ordinances, such as those that govern the number of fire exits or the safety of on September 17, 2001 and the first closings of residential condominium units and boat slips occurred on September 18, 2001. The Harbour Village Golf & Yacht Club is a planned 808 residential condominium, marina, nine-hole, par 3 golf course and beach club project located in Ponce Inlet, Florida Ponce Inlet is a town in Volusia County, Florida, United States. The population was 2,513 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 3,178 [1]. . Commenting on the opening of Building 100 and the closings of the first condominium units, Lloyd A. Fox, President and Chief Executive Officer, stated "We are extremely pleased to announce the first closings of residential condominium units and boat slips at Harbour Village. Construction of Phase I of the project continues, which will include 248 mid-rise condominium units and 46 courtyard homes, which are over 90% pre-sold. Our pre-sales of residential condominium units and boat slips at Harbour Village are in excess of $100 million and we will report on closings of units in Building 100 and boat slips in our earnings release and Form 10-Q Form 10-Q See 10-Q. for the third quarter of 2001. "We expect to complete construction and to deliver additional buildings in Phase I of the project in the fourth quarter of 2001 and throughout 2002. We are currently engaged in pre-sales activities of residential condominium units in Phase II of the project, which will include 376 condominium units, a nine-hole, par 3 golf course, tennis courts, swimming pools and a community center. Harbour Village is also planned to include a commercial center with condominium residences and a residential condominium building and beach club overlooking the Atlantic Ocean Atlantic Ocean [Lat.,=of Atlas], second largest ocean (c.31,800,000 sq mi/82,362,000 sq km; c.36,000,000 sq mi/93,240,000 sq km with marginal seas). Physical Geography Extent and Seas . We continue to expect that this project will provide significant value to our shareholders over the anticipated 3 to 5 year development period." American Safety Insurance Group, Ltd. is a specialty insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company which, through its subsidiaries, develops, underwrites, manages and markets primary casualty insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. programs in the alternative insurance market for environmental risks and other specialty risks, and provides a broad range of financial services and products to middle market businesses. The Company is also the owner/developer of the Harbour Village Golf & Yacht Club, a residential condominium, marina and golf course project in Ponce Inlet, Florida. Additional information about American Safety can be found at http://www.americansafetygroup.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements reflect the Company's current views with respect to future events and financial performance, including the Company's future profitability and the value of the Company's real estate development project. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various factors, including competitive conditions in the insurance industry, unpredictable developments in loss trends, adequacy and changes in loss reserves, market acceptance of new coverages and enhancements, changes in reinsurance costs and availability, and changes in levels of general business activity and economic conditions. With respect to the development of the Harbour Village property, such forward looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various real estate development industry factors, including competitive housing conditions housing conditions npl → condiciones fpl de habitabilidad housing conditions npl → conditions fpl de logement in the local market area, risks inherent in real estate development and new construction, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , changes in interest rates and the availability of mortgage financing for prospective purchasers of condominium units and boat slips, and changes in local and national levels of general business activity and economic conditions. For additional factors which could influence the results of the Company's operating and financial performance, see the Company's filings with the Securities and Exchange Commission. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion