MIAMI, Jan. 16,
2025 /PRNewswire/ -- Safe and Green Development
Corporation (NASDAQ: SGD) (the "Company") is pleased to
announce the closing of twenty-two (22) lots in South Texas for a purchase price of
$440,000 by its Sugar
Phase residential development project. In conjunction with the
closing Sugar Phase I LLC has secured a loan of approximately
$1,092,000 paving the way for
construction to commence on the next 7 homes in the Sugar
Developments.
This next phase of construction marks an exciting continuation
of the Company's efforts to develop affordable and sustainable
housing in the South Texas region.
Building on the success of the initial five homes in the Sugar
Developments, which are already listed for sale, the Sugar
Developments aim to further enhance the community and expand the
availability of high-quality single-family homes.
"We are excited to move forward with the second phase of the
Sugar Development project, a significant step in expanding our
portfolio of high-quality homes in South
Texas. Closing on these lots and securing financing for
construction marks an important milestone as we continue to build
on the momentum of the first phase of the development, where homes
are now nearing completion and are already listed online for sale.
This progress demonstrates our commitment to delivering value to
both our community and our shareholders," said David Villarreal, CEO of the Company.
The Company expects to receive permits and begin construction
within 30 days of closing. The first set of 7 homes is projected to
be completed and ready for market by early Q2 2025. This will
amount to a total of 13 homes under construction within the
1st quarter of 2025, which sets the Company on track to
complete its previously announced goal of 55 homes for 2025.
About Safe and Green Development Corporation (SG
Devco)
Safe and Green Development Corporation is a real estate
development company. Formed in 2021, it focuses primarily on the
direct acquisition and indirect investment in properties nationally
that will be further developed in the future into green single or
multi-family projects. Additionally, a wholly-owned subsidiary of
SG DevCo, Majestic World Holdings LLC, is a prop-tech company
that has created a real estate AI Platform the Company uses to
strategically increase the margins on homes sold by facilitating
mortgage services and down payment assistance. MyVONIA Innovations
LLC, a wholly owned subsidiary, is the owner of MyVONIA which is an
AI-powered personal assistant designed to help simplify daily tasks
and improve productivity for individuals and businesses.
Safe Harbor Statement
This press release may contain 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.
All statements other than statements of historical fact are or may
be deemed to be forward-looking statements. In some cases
forward-looking statements can be identified by terminology such as
"may," "should," "potential," "continue," "expects," "anticipates,"
"intends," "plans," "believes," "estimates" and similar expressions
and include statements regarding construction to commence on the
next 7 homes in the Sugar Developments, developing affordable and
sustainable housing in the South
Texas region, the Sugar Developments aims to further
enhance the South Texas community
and expand the availability of high-quality single-family homes,
expanding the Company's portfolio of high-quality homes in
South Texas, the joint venture
continues to build on the momentum of the first phase of the
development, delivering value to both the South Texas community and the Company's
shareholders, receiving permits and beginning construction within
30 days of closing, first set of 7 homes being completed and ready
for market by early Q2 2025, having a total of 13 homes under
construction within the 1st quarter of 2025, which sets
the Company on track to complete its previously announced goal of
55 homes for 2025,using Majestic World Holdings LLC's real estate
AI Platform to strategically increase the margins on homes sold by
facilitating mortgage services and down payment assistance and
MyVONIA simplifying daily tasks and improve productivity for
individuals and businesses.
These forward-looking statements are based on certain
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions, and
expected future developments, as well as other factors we believe
are appropriate in the circumstances. Important factors that could
cause actual results to differ materially from current expectations
include, among others, the Company's ability to commence
construction in its Sugar Developments as planned, the Company's
ability to expand its portfolio of high-quality homes in
South Texas, the Company's ability
to have the next set of 7 homes be completed and ready for market
by early Q2 2025, the Company's ability to have a total of 13
homes under construction within the 1st quarter 2025,
the Company's ability to complete its previously announced goal of
55 homes for 2025, the Company's ability to use Majestic
World Holdings LLC's real estate AI Platform to strategically
increase the margins on homes sold by facilitating mortgage
services and down payment assistance, and other factors discussed
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2023, and its subsequent
filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. All forward-looking statements are qualified in
their entirety by this cautionary statement, and the Company
undertakes no obligation to revise or update this press release to
reflect events or circumstances after the date hereof.
For investor relations and media inquiries, please
contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461
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SOURCE Safe and Green Development Corporation