Safe and Green Development Corporation's Sugar Phase Joint Venture Announces Closing on 22 Lots and Financing for Vertical Construction in South Texas

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has announced significant progress in its Sugar Phase residential development project in South Texas. The company has closed on 22 lots for $440,000 and secured approximately $1,092,000 in financing for vertical construction. This development follows the initial phase of five homes already listed for sale.

The company plans to commence construction on seven new homes within 30 days of closing, with completion expected by early Q2 2025. Combined with existing projects, this will bring the total to 13 homes under construction in Q1 2025, aligning with SGD's target of completing 55 homes in 2025. The project aims to expand the availability of affordable and sustainable single-family homes in the South Texas region.

Positive

• Secured $1,092,000 in construction financing
• Acquired 22 lots for $440,000 in South Texas
• 13 homes to be under construction in Q1 2025
• Project aligns with 2025 goal of 55 homes
• First 5 homes already listed for sale

Negative

• None.

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 1^st 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 1^st 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 1^st 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

FAQ

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

SGD acquired 22 lots in South Texas for a purchase price of $440,000.

What is the construction financing amount secured by SGD for the Sugar Phase project?

SGD secured approximately $1,092,000 in financing for vertical construction of the next phase.

How many homes will SGD have under construction in Q1 2025?

SGD will have 13 homes under construction in Q1 2025, including the new phase of 7 homes and the initial 5 homes.

What is SGD's home construction target for 2025?

SGD aims to complete 55 homes during 2025.

When does SGD expect to complete the next 7 homes in the Sugar Development project?

SGD expects to complete the next 7 homes by early Q2 2025.