Belpointe OZ’s VIV Development Nears Completion, Leasing Anticipated to Begin Later this Year

Rhea-AI Summary

Belpointe PREP (NYSE: OZ) has announced that its mixed-use development project VIV in St. Petersburg, Florida is approximately 85% complete. The company expects to begin leasing later in 2025. The development, strategically positioned in St. Petersburg's center, will feature residential units, modern amenities, and retail spaces.

CEO Brandon Lacoff emphasized the project's alignment with the company's strategy of developing in high-growth markets while focusing on investor value creation. The development aims to capitalize on St. Petersburg's growing demand for quality living options and establish itself as a landmark destination in one of Florida's rapidly expanding communities.

Positive

• Construction progress at 85% completion indicates strong execution
• Strategic location in high-growth St. Petersburg market
• Mixed-use development combining residential and retail spaces enhances revenue potential
• Project aligns with growing market demand for quality living options

Negative

• Potential market risks with new property lease-up phase
• Revenue generation delayed until leasing begins later in the year

St. Petersburg, FL, May 27, 2025 (GLOBE NEWSWIRE) -- Belpointe PREP, LLC (“Belpointe OZ,” “we,” “us,” “our” or the “Company”) (NYSE American: OZ), a publicly traded qualified opportunity fund, is pleased to announce that construction of its premier mixed-use development in St. Petersburg, Florida, VIV, is approximately 85% complete. With final construction activities underway, the project is currently anticipated to begin leasing later this year.

Strategically located in the heart of St. Petersburg, Florida, we believe VIV is poised to become a landmark destination, offering thoughtfully designed residential units complemented by modern amenities and vibrant retail spaces. As demand for high-quality living options in St. Petersburg continues to grow, VIV will offer residents and businesses a unique opportunity to be part of one of Florida’s most dynamic and fast-growing communities.

“We’re excited to see VIV taking shape and look forward to welcoming our first residents and retail partners later this year,” said Brandon Lacoff, CEO of Belpointe OZ. “This project exemplifies our commitment to delivering exceptional developments in high-growth markets while creating long-term value for our investors.”

For additional information or to join our VIP list, please visit www.liveatviv.com.

For more information about Belpointe OZ and its portfolio of Qualified Opportunity Zone investments, please visit www.belpointeoz.com.

About VIV

VIV is a premier mixed-use development located in the vibrant downtown area of St. Petersburg, Florida. Designed with modern living in mind, VIV will offer an exceptional collection of residential units, state-of-the-art amenities, and retail spaces that bring convenience and community to the doorstep of every resident. Perfectly situated near world-class dining, entertainment, and cultural attractions, VIV offers a lifestyle of comfort, convenience, and connection in one of Florida’s most desirable urban environments.

About Belpointe OZ

Belpointe OZ is a publicly traded qualified opportunity fund, listed on NYSE American under the symbol “OZ.” To date, Belpointe OZ has over 2,500 units in its development pipeline throughout four cities, representing an approximate total project cost of over $1.3 billion.

Belpointe OZ has filed two registration statements (including a combined prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offer and sale of up to an aggregate of $1,500,000,000 of Class A units representing limited liability interests in Belpointe OZ (the “Class A units”). Before you invest, you should read Belpointe OZ’s most recent prospectus and the other documents that it has filed with the SEC for more complete information about Belpointe OZ and the offering. Investing in Belpointe OZ’s Class A units involves a high degree of risk, including a complete loss of investment. Prior to making an investment decision, you should carefully consider Belpointe OZ’s investment objectives and strategy, risk factors, fees and expenses and any tax consequences that may results from an investment in Belpointe OZ’s Class A units. To view Belpointe OZ’s most recent prospectus containing this and other important information visit sec.gov or investors.belpointeoz.com. Alternatively, you may request Belpointe OZ send you the prospectus by calling (203) 883-1944 or emailing IR@belpointeoz.com. Read the prospectus in its entirety before making an investment decision.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be considered forward-looking, such as statements containing estimates, projections and other forward-looking information. Forward-looking statements are typically identified by words and phrases such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or the negative of such words and other comparable terminology. However, the absence of these words does not mean that a statement is not forward-looking. Any forward-looking statements expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond our control. Therefore, we caution you against relying on any of these forward-looking statements. Actual outcomes and results may differ materially from what is expressed in any forward-looking statement. Except as required by applicable law, including federal securities laws, we do not intend to update any of the forward-looking statements to conform them to actual results or revised expectations.

Investor Relations and Media Contact:

Cody H. Laidlaw
Belpointe PREP, LLC
255 Glenville Road
Greenwich, Connecticut 06831
IR@belpointeoz.com
203-883-1944

FAQ

What is the current completion status of Belpointe OZ's VIV development in St. Petersburg?

The VIV development is approximately 85% complete, with leasing expected to begin later in 2025.

Where is the VIV development located and what will it offer?

VIV is located in the heart of St. Petersburg, Florida, offering residential units, modern amenities, and retail spaces.

When will Belpointe OZ (NYSE: OZ) begin leasing at the VIV development?

Belpointe OZ anticipates beginning leasing operations at VIV later in 2025, following construction completion.

Who is the CEO of Belpointe OZ and what did they say about the VIV project?

Brandon Lacoff is the CEO, who stated they're excited to see VIV taking shape and look forward to welcoming first residents and retail partners later this year.

What type of development is VIV by Belpointe OZ?

VIV is a premier mixed-use development that combines residential units with modern amenities and retail spaces.