SOURCE: Metrospaces

February 03, 2015 23:46 ET

Metrospaces Announces It Has Received Notice of Renovation From the Ministry of Environmental Remediation for The Construction of The Tulasi Luxury Spa and Hotel Project

MIAMI, FL--(Marketwired - Feb 3, 2015) - Metrospaces (OTC PINK: MSPC) -- Mr. Daniel Silva said: the environmental remediation permit from the Venezuelan Ministry of environmental remediation was received several weeks ahead of our forecast. This permit is very much deemed to be the lengthiest and most difficult to obtain. This could potentially speed our entire planning approval process by at least 4 weeks. We are now looking to have full planning approval within 60 days. With this in hand, we will have all the permits ready to qualify for a 100% hotel construction financing, due to the fact that we own the land free and clear and also the project has about a 15% execution. We are now forecasting to have loan approval and begin construction within 4-5 months. Total construction costs are expected to come in at about $2.8 million.


Tulasi Luxury Spa and Hotel

For a link to our 3 hotel projects currently underway:

Metrospaces is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company's current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela. It is operated by an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the Americas and across Europe valued in excess of US $450 Million.

Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their worldwide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.

Metrospaces' majority shareholders has partnered with Investors on Elite properties including The London BVLGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.

Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.

Metrospaces was originally founded by company President Oscar Brito.

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