Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 110

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 110
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 improvements and infrastructure work for this development began in March of 2024 and was substantially completed in the 3rd
quarter of 2024.

As
of 12/31/24, the property has been cleared, top soil removed, earth balance completed, sanitary sewer installed, water mains and laterals
installed, on and off-site curb installed and base paving completed.

The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.

Subsequent
event: Building Pad 1, comprised of 6 improved building pads, was sold and closed title on 1/24/25. 48 improved building pads are
scheduled to close in the next 12 months.

Louis
Avenue – Bayville, NJ – 17 townhome units

The
Company was heard before the Berkeley Township Planning Board on October 3, 2020 and the planning board awarded preliminary approvals
for 17 townhome units.

The
Company acquired this property on August 4, 2021.

The
Company received Final approvals on August 8, 2022.

As
of this date the Company is pursuing various options for the development of this property, including Build to Lease, sale of the approved
parcel to another builder/developer, or sale of the improved parcel to a national builder.

18

Autumn
Run – Gloucester County – 62 age-restricted manufactured housing units

On
December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which has since been approved for 62
units of age-restricted manufactured housing. The property currently has final approvals.

The
application for a use variance was heard on May 24, 2021 and the variance was approved.

The
Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval
was granted, and the Company submitted for finals in the 4th quarter of 2023. The Company has since received final approvals.

The
Company took title to this property in early September of 2023. It is the Company’s intention to develop this property, sell the
individual manufactured homes and continue to own and operate the development as a land lease rental property.

Properties