Safe and Green Development Corporation Acquires an Additional 160 Single Family Lots on 21 Acres in Texas via Joint Venture

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has entered two new joint ventures for developing single-family homes in South Texas. The company secured 160 additional lots across two parcels totaling 21 acres, expanding their total South Texas pipeline to approximately 250 lots. The development includes Hacienda Olivia Phases III & IV, following Phase II which is currently under horizontal development with 57 lots expected ready in Q1 2025. The new phases are scheduled to begin horizontal development in Q2 2025, with completion targeted for late 2025.

Positive

• Expansion of development pipeline by 160 lots in South Texas
• Total pipeline growth to approximately 250 lots
• Strategic expansion through joint ventures reducing capital requirements
• Clear development timeline with Phase II completion in Q1 2025

Negative

• Significant timeline to revenue generation with completion expected end of 2025
• Capital requirements and development risks associated with multiple concurrent projects

MIAMI, Nov. 19, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG Devco" or the "Company") announces it entered two additional joint ventures for the purpose of developing and constructing single-family homes in South Texas. Through the new joint ventures, SG Devco has secured an additional 160 lots bringing the total pipeline in South Texas to over approximately 250 lots for single family home development. The 160 lots are spread across two separate parcels totaling 21 acres that will be developed sequentially.

Hacienda Olivia Phases III & IV will be the continuation of Hacienda Olivia Phase II, which is currently undergoing horizontal development with t57 lots estimated to be ready in Q1 of 2025. Phases III & IV are slated to begin horizontal land development by Q2 of 2025 with completion expected towards the end of 2025.

CEO David Villarreal commented, "We are thrilled to expand through these new joint ventures our pipeline with these additional single family lots in South Texas. We are encouraged by the rapid construction progress at the Sugar Phase 1 Development and look forward to continuing to build on the momentum."

About Safe and Green Development Corporation (SG Devco)

Safe and Green Development Corporation is a 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. The thesis of development is to build strong, innovative and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created a real estate AI Platform. The Platform aims to decentralize the real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. MyVONIA Innovations LLC, a wholly own 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. MyVONIA aims to assist with managing both personal and professional tasks.

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 Hacienda Olivia Phases III & IV being the continuation of Hacienda Olivia Phase II, 60 lots being ready in Q1 of 2025, beginning horizontal development by Q2 of 2025 of Phases III & IV, completing Phases III & IV towards the end of 2025, continuing to build on the momentum and creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment.

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 of Hacienda Olivia Phases III & IV as planned, the Company's ability to deliver 57 lots from Hacienda Olivia Phase II in Q1 of 2025, the Company's ability to begin horizontal development by Q2 of 2025 of Phases III & IV and complete Phases III & IV towards the end of 2025, the Company's ability to create an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment, the Company's ability to obtain the capital necessary to fund its activities, the Company's ability to monetize its real estate holdings, 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

FAQ

How many new lots did Safe and Green Development (SGD) acquire in Texas?

Safe and Green Development (SGD) acquired 160 new single-family lots across two parcels totaling 21 acres in South Texas.

What is SGD's total development pipeline in South Texas after the new acquisition?

After the new acquisition, SGD's total development pipeline in South Texas exceeds approximately 250 lots for single-family home development.

When will Hacienda Olivia Phases III & IV development begin and complete?

Hacienda Olivia Phases III & IV are scheduled to begin horizontal land development in Q2 2025, with completion expected towards the end of 2025.

How many lots are under development in Hacienda Olivia Phase II?

Hacienda Olivia Phase II is currently under horizontal development with 57 lots estimated to be ready in Q1 of 2025.