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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/safe-and-green-development-corporation-expands-portfolio-in-texas-with-shovel-ready-lots-302206371.html
SOURCE Safe and Green Development Corporation