Safe and Green Development Corporation Inks Contracts to Sell Out 1st Phase of Sugar Joint Venture Developments
Rhea-AI Summary
Safe and Green Development (NASDAQ: SGD) has announced that all 5 homes from the first phase of its Sugar Joint Venture with Milk & Honey have been placed under contract. The properties, located in Edinburg and Weslaco, Texas, are set to close around April 11, 2025. Four homes in Edinburg are contracted at $195,000 each, while one property in Weslaco is under contract for $170,000.
The successful marketing was conducted in partnership with Madilyn Garza of Element Realty and Jose Lopez of the Opulent Real Estate Group. The company is proceeding with its next phase of 7 homes, expected to be market-ready by Q2 2025, maintaining progress toward their goal of completing 55 homes in 2025.
Positive
- All 5 homes from first phase successfully contracted for sale
- Total contract value of $950,000 from first phase
- On track to meet 2025 target of 55 homes
- Next phase of 7 homes already in development
Negative
- None.
News Market Reaction – SGD
On the day this news was published, SGD gained 0.70%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
As a result of successful marketing efforts by the Company and its Realty partners the following properties are now under contract for sale with closing expected on or about April 11, 2025:
- 3005 Rio Red Circle in Edinburg,
Texas under contract for$195,000 - 2939 Rio Red Circle in Edinburg,
Texas , under contract for$195,000 - 2965 Rio Red Circle in Edinburg,
Texas , under contract for$195,000 - 2953 Rio Red Circle in
Edinburg, Texas , under contract for$195,000 - 230 N Pino Street in
Weslaco, Texas , under contract for$170,000
The successful marketing of these properties was led in partnership by the Company, Madilyn Garza of Element Realty and Jose Lopez of the Opulent Real Estate Group, whose efforts played a key role in generating interest and securing buyers.
As previously announced, the Company expects to receive permits and begin construction on the next set of 7 homes which is expected to be completed and ready for market by Q2 2025. This pace 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 integrates to strategically increase the margins on homes sold by facilitating mortgage services and down payment assistance. 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.
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 closing the sale of five properties from the first phase of the Sugar Joint Venture with Milk & Honey, LLC on or about April 11, 2025, receiving permits and beginning construction on the next set of 7 homes, completing the next set of 7 homes and having them ready for market by Q2 2025, being on track to complete the Company's 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 close the sale of five properties from the first phase of the Sugar Joint Venture with Milk & Honey, LLC as planned, the Company's ability to have the next set of 7 homes ready for market by Q2 2025, the Company's ability to achieve its 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, MyVONIA's ability to simplify daily tasks and improve productivity, 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
View original content:https://www.prnewswire.com/news-releases/safe-and-green-development-corporation-inks-contracts-to-sell-out-1st-phase-of-sugar-joint-venture-developments-302376872.html
SOURCE Safe and Green Development Corporation
FAQ
What is the total value of SGD's first phase contracts in the Sugar Joint Venture?
When are the closings expected for SGD's first phase properties?
How many homes is SGD planning to complete in 2025?
When will SGD's second phase of 7 homes be ready for market?
Where are SGD's Sugar Joint Venture properties located?
