Safe and Green Development Corporation Provides Update On Lago Vista Property with $11.5 Million Contribution Agreement
14 Dezember 2023 - 3:00PM
Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or
the “Company”) is pleased to announce that the development
activities are underway as MNO deposited the earnest money with the
title company as per the terms of the contribution agreement and
began conceptual design, construction pricing and market studies
for the project.
David Villarreal, President & CEO of Safe and Green
Development Corporation stated, “This is truly an exciting time for
us as we continue to move forward according to our initial
timeframes and schedules in the development process of Lago Vista.
We anticipate that Lago Vista will become a premier development. We
are now looking forward to the next steps as we conclude 2023 with
some major milestones being accomplished.”
The Lago Vista property was originally purchased by SG Devco’s
subsidiary for $3.5 million in 2021. Pursuant to the terms of
a previously disclosed contribution agreement, SG Devco’s
subsidiary will contribute the property to a to be formed joint
venture (JV) with an affiliate of MNO Partners and receive as
consideration for the property contribution a membership interest
in the JV valued at $11.5 million. MNO Partners will lead the
development process and, after the completion of a feasibility
period, will be required to submit permits for the first phase of
the project within 11 months from the execution of the contribution
agreement. It is anticipated that that the JV will secure
construction financing, which is a condition to the closing of the
JV.
About Safe and Green Development
CorporationSafe 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 SG Holdings’ SG
Echo subsidiary. More information about SG DevCo can be found
at www.sgdevco.com.
Safe Harbor StatementStatements 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 Lago Vista being a premier development, the
intention to enter into a joint venture with an affiliate of MNO
Partners, MNO Partners leading the development process and the
anticipation that the JV will secure construction financing for the
project. Actual events or results may differ materially from those
projected in any of such statements due to various factors,
including the risk that the Company and the affiliate of MNO
Partners are unable to successfully negotiate and enter a joint
venture and 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.
For investor relations and media inquiries, please
contact:Barwicki Investor
RelationsAndrew@Barwicki.com516-662-9461
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