MIAMI, Nov. 20,
2024 /PRNewswire/ -- Safe and Green Development
Corporation (NASDAQ: SGD) ("SG Devco" or the "Company"), a real
estate development company, is pleased to announce that it closed
the sale of its St Mary's Property to Pigmental Studios for
$1.4 million on November 18, 2024. The Company realized
approximately $1.1M in net proceeds
from this closing.
The property was sold as part of the Company's previously
announced goal to strategically monetize some of its real estate
holdings that have increased in value. This sale will help reduce
debt and increase the Company's cash position. Additionally, the
Company continues to evaluate offers on its Lago Vista Parcel, the
most recent of which far exceeded the price paid by the Company.
The Company will continue to pursue this strategy as a means of
raising capital to spur its growth and advance other real estate
projects. Moreover, the closing of the sale supports the previously
appraised values of the Company's real estate.
"The sale of St Mary's is a milestone that exemplifies the value
of our real estate holdings" said David
Villarreal, CEO of SG Devco. "We are happy to sell and
capitalize on the increase in the value on this parcel which will
allow us to move forward on other real estate properties and
various projects that we are developing."
The buyer, Pigmental Studios, partnered with Holley Capital, LLC
to purchase the parcel. SG Devco and Pigmental Studios are actively
engaged in reviewing building options that SG Devco can provide as
part of the overall development.
Marcus Holley, of Holley Capital
LLC, said, "We see St Marys, GA as
a growing business and tourist destination and are committed to
channeling resources into the region."
Marina Martins, CEO of Pigmental
Studios said, "After closing on this parcel, Pigmental Studios has
all 114 acres of property firmly in hand which is a good reason to
celebrate and gets us another major leap closer to the
actualization of the Pigmental Studios Creation & Technology
Campus in St Marys, GA. We look
forward to collaborating with SG Devco on housing options for our
upcoming development."
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 strategically monetizing some of
the Company's real estate holdings that have increased in value,
the sale helping to reduce debt and increase the Company's cash
position, the Company continuing to evaluate offers on its Lago
Vista Parcel; the Company continuing to pursue the sales strategy
as a means of raising capital to spur its growth and advance other
real estate projects; the Company moving forward on real estate
properties and various projects that it is developing
and Pigmental Studios collaborating with SG Devco on housing
options for its upcoming development,.
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 successfully
implement its sales strategy and sell properties that have
increased in value; the Company's ability to move forward on real
estate properties and various projects that it is developing; 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.
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