Safe and Green Development Corp Secures Financing for Norman Berry Expansion in Atlanta, Georgia
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The acquisition of the right of way (ROW) and the adjacent parcel by Safe and Green Development Corporation is a strategic move that enhances the Norman Berry Village project's potential. The expansion of the site to a six-acre plot allows for a more comprehensive development, which can lead to a higher density of use and, consequently, increased revenue potential. The partnership with CMC Development Group, a recognized local firm, adds credibility to the project and can expedite the approval processes, reflecting positively on project timelines and cost efficiency.
This development is significant as it directly affects the company's asset base and future income streams. The focus on constructing a facility that caters to elderly and assisted living is tapping into a growing market segment, driven by an aging population. The project's phased approach also indicates a strategic plan for growth and expansion, which can be seen as a positive indicator of the company's long-term vision and operational scalability.
From a market perspective, the Norman Berry Village project aligns with the broader trends in the real estate market, where there is an increasing demand for senior and assisted living facilities. The demographic shift towards an older population creates a growing need for such specialized housing solutions. By investing in this segment, SG DevCo is positioning itself in a niche that is expected to see continued growth, which may attract investor interest and potentially impact the company's stock valuation positively.
Additionally, the location in Atlanta, GA, is a key factor. Urban development projects in growing metropolitan areas often lead to appreciation of property values. The involvement in such a prime location could signal to investors the company's potential for capital gains and an increased asset valuation over time.
Securing financing for property acquisition is a critical step in real estate development, indicating the project's viability and the company's creditworthiness. Investors should consider the terms of the financing, as they can significantly affect the project's profitability. The immediate impact on SG DevCo's balance sheet will be the addition of the property's value as an asset, offset by the corresponding liability of the financing.
Long-term implications include the potential for increased cash flows from the developed property, which can contribute to the company's earnings. However, construction and development carry inherent risks, including cost overruns and delays, which could impact the projected financial outcomes. Investors should monitor the company's progress reports and any changes in the real estate market that might affect the project's success.
MIAMI, Fla, March 08, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD)(“SG DevCo” or the “Company”), is pleased to announce an update on the Norman Berry Village property in Atlanta, GA.
David Villarreal, President & CEO of SG DevCo, stated, “It is with great pleasure for me to announce the progression of the Norman Berry project. We have secured financing to acquire the previously announced ROW on the property and an 18,000 square foot adjacent parcel that we believe will collectively significantly increase the value of the Norman Berry parcel.”
“I am also very pleased with our partner CMC Development Group, a leading development firm in the area, and the constant communication between our two companies. CMC was crucial in receiving approval from the city of Eastpoint to purchase the project’s Right of Way which will enable us to develop a six-acre site on Norman Berry Drive in a timely manner, all of which has made this project move forward quickly.” concluded Mr. Villarreal.
Norman Berry Village is a prime location for development. The project includes constructing a 125,000-square-foot facility that will accommodate a combination of 68 single and double occupancy residences for elderly and assisted living residents including many additional building amenities.
There are planned additional phases of construction for the Norman Berry Village project's design, and the completed project is expected to feature two buildings housing 134 units, offering a blend of one and two-bedroom apartments.
About Safe and Green Development Corporation
Safe and Green Development Corporation is a leading real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel, sourced from one of Safe & Green Holdings Corp.’s factories operated by Safe & Green Holdings’ SG Echo subsidiary. More information about SG DevCo can be found at www.sgdevco.com.
Safe Harbor Statement
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and include statements regarding the acquisition of the 18,000 square foot adjacent parcel collectively significantly increasing the value of the Norman Berry parcel, constructing a 125,000-square-foot facility that will accommodate a combination of 68 single and double occupancy residences for elderly and assisted living residents including many additional building amenities, additional phases of construction being planned for the Norman Berry Village project's design and the completed project featuring two buildings housing 134 units, offering a blend of one- and two-bedroom apartments. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the the Company’s ability to complete the Norman Berry project as planned, the Company’s abilityto monetize its real estate holdings and the other factors discussed in the Company’s Form 10 registration statement 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 Safe and Green Development Corporation undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
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FAQ
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