Safe and Green Development Corporation Expands Portfolio in Texas with Shovel Ready Lots

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has entered a joint venture to develop and construct single-family homes in South Texas. The initial phase includes 5 lots, with plans to expand to 24 lots. CEO David Villarreal emphasized the project's alignment with the company's commitment to safe and sustainable communities.

The shovel-ready lots allow development to begin this year, with anticipated revenue from home sales starting in late 2024 and throughout 2025. SG Devco plans to utilize its real estate AI Platform to enhance sales and offer competitive mortgage options and down-payment assistance through partnerships, potentially driving additional revenue.

Positive

• Secured 5 shovel-ready lots for immediate development, with plans to expand to 24 lots
• Project shifts from pre-development to development and construction phase
• Anticipated revenue generation from home sales starting late 2024 and throughout 2025
• Potential for additional revenue through AI Platform-enhanced sales process and mortgage partnerships

Negative

• None.

News Market Reaction – SGD

+5.29%

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+5.29% News Effect

On the day this news was published, SGD gained 5.29%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MIAMI, July 25, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG Devco" or the "Company") announces that it entered into a joint venture for the purpose of developing and constructing single-family homes.  Through the joint venture, SG Devco has secured 5 lots for the initial phase of the development, with plans to expand to a total of 24 lots.

CEO David Villarreal expressed his enthusiasm for the project, stating, "We are thrilled to expand our portfolio with this single-family home development in South Texas. This project exemplifies our commitment to creating safe and sustainable communities that meet the needs of modern households. We view this as a milestone in the Company as this Project shifts from the pre-development to the development and construction phase."

The single-family lots are shovel-ready enabling development to commence this year on the project and bringing an exciting residential community that combines modern living with sustainable features. The joint venture anticipates generating revenues from home sales towards the end of 2024 and throughout 2025.

SG Devco plans to leverage its real estate AI Platform (the "Platform") to enhance the sales process and, through partnerships, offer competitive mortgage options to potential buyers as well as down-payment assistance. These additional services could drive additional revenue to the Company from the development of the lots.

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 plans to expand to a total of 24 lots, development commencing this year on the project, generating revenues from home sales towards the end of 2024 and throughout 2025,  leveraging the Company's real estate AI Platform to enhance the sales process and offer, through partnerships. competitive mortgage options to potential buyers as well as down-payment assistance, the additional services potentially driving additional revenue to the Company from the development of the lots 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 and complete the 24-lot project in Texas as planned, the Company's ability to leverage the Company's real estate AI Platform to enhance the sales process and offer, through partnerships, competitive mortgage options to potential buyers as well as down-payment assistance, the additional services potentially driving additional revenue to the Company from the development of the lots, 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.

 

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SOURCE Safe and Green Development Corporation

FAQ

What is Safe and Green Development 's (SGD) latest venture in Texas?

SGD has entered a joint venture to develop and construct single-family homes in South Texas, initially securing 5 lots with plans to expand to 24 lots.

When does SGD expect to generate revenue from its new Texas home development project?

SGD anticipates generating revenues from home sales towards the end of 2024 and throughout 2025.

How is SGD planning to enhance its sales process for the Texas home development?

SGD plans to leverage its real estate AI Platform to enhance the sales process and offer competitive mortgage options and down-payment assistance through partnerships.

What is the current development status of SGD's Texas home project?

The lots are shovel-ready, allowing development to commence in 2024, shifting the project from pre-development to the development and construction phase.