Recent Highlights (as of July 2023)

1991 Main Street, Sarasota, Florida

Project Overview

1991 Main Street, Sarasota, Florida (“1991 Main Street”) is a 5.13-acre site being developed into two 10 story buildings with over 900 garage and surface-level parking spaces that we have named “Aster & Links.” Aster & Links will feature 424-apartments including one-bedroom, two-bedroom and three-bedroom apartments, four-bedroom townhome-style penthouse apartments, and six guest suite apartments, with approximately 51,000 square feet of retail space located on the first level. Amenities at Aster & Links will include a clubroom, fitness room, center courtyard with heated saltwater pool and roof top amenities including a community room and a private dining area for private events as well as outdoor grills and seating. In addition, each building will have its own leasing office located at the entry lobby.

Location Overview

1991 Main Street is located within the historic downtown Sarasota at the intersection of Main Street and Links Avenue and is located in a high foot traffic area next to a number of popular retail establishments.

Construction Progress Aster

Aster is making steady progress, with significant milestones achieved in its construction journey. The concrete placement has been successfully completed up to the 10th floor, a testament to the expertise and dedication of the construction team.

Photo: Courtyard of Aster

Moreover, the shell of the Aster is nearing completion, indicating that the structure is taking shape.

In addition to the primary construction activities, essential installations and systems are also being put into place. Waterproofing measures have been implemented to ensure the building's longevity and durability. The electric rough-in work has been completed through the 4th floor, laying the foundation for the building's electrical system.

The installation of windows has commenced on the lower floors, providing glimpses of the Aster's future appearance and functionality.

Photo: Aster lower level window installations.

Simultaneously, framing and drywall work has also begun on the lower floors, marking the initial stages of interior construction.

Photo: Aster interior unit framing and drywall.

Stair towers throughout Aster have seen progress, with stairs poured to various levels, facilitating access and movement within the structure. Furthermore, the commencement of elevator installation promises added convenience and accessibility for future occupants.

Critical infrastructure is also being put in place, with electrical distribution from the transformer to the buildings primary electrical room underway. These steps are essential to ensure a smooth and efficient power supply throughout the building.

With each step completed, Aster is inching closer to becoming a fully functional and modern structure, reflecting the dedication and expertise of the construction team behind its realization.

Links

Links is steadily progressing towards its completion, with notable achievements in its construction journey. The concrete work has been successfully placed through level 6, indicating substantial progress in the building's structure, which comprises a total of 10 levels. The team has been working diligently to bring this vision to life, and with the topping out of level 10 expected in August 2023, the project is currently on track to meet its timeline.

Photo: Construction underway at Links.

In addition to the structural developments, significant work has been undertaken below grade for the MEP (Mechanical, Electrical, and Plumbing) systems. These critical installations lay the groundwork for the building's efficient functioning and future utility.

Photo: Masonry work at with view through Courtyard of Links.

Furthermore, interior masonry work is underway, enhancing the aesthetics and strength of the building's interior spaces. The team's attention to detail and craftsmanship is evident in every aspect of the construction.

Notably, Links will feature a grocery store within its premises. To ensure the project's compliance with all regulations and standards, the building permit application for the grocery store fit-out has been submitted to the city.

With each milestone accomplished, Links is well on its way to becoming a thriving and functional space, set to serve its future occupants and the surrounding community. The collaboration between the construction team and the project stakeholders has been instrumental in bringing this vision closer to reality.

Important Information and Qualifications

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the current views of Belpointe PREP. LLC (“Belpointe OZ”) with respect to, among other things, our expectations regarding construction timelines and costs, our future results of operations and financial performance. Estimates, projections and other forward-looking statements can typically be 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 statement 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 was made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond Belpointe OZ’s control. Therefore, we caution you against relying on any 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, Belpointe OZ does not intend to update any forward-looking statements to conform them to actual results or revised expectations.

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