SGB Development Corp. Acquires a Membership Interest in an Affordable Housing Entity in Atlanta, Georgia
SG Blocks (NASDAQ: SGBX) announced its subsidiary, SGB Development Corp., will build 70,000 sq. ft of affordable housing in Atlanta, Georgia, named Norman Berry Village. This project, in partnership with CMC, will consist of 132 units of one- and two-bedroom apartments and will be constructed at the SG Echo campus in Durant, Oklahoma. The initiative aims to address the U.S. housing shortage through efficient, cost-effective modular construction. Leaders from SG Blocks express optimism about the project's potential to expand their footprint in the Atlanta market.
- Acquisition of a membership interest in a major affordable housing project, Norman Berry Village.
- Collaboration with CMC, enhancing relationships and potential revenue streams.
- Expected construction of 132 affordable housing units addressing U.S. housing needs.
- Utilization of modular construction, potentially lowering costs and enhancing efficiency.
- None.
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of container-based structures, announced today that SGB Development Corp. (“SGB DevCorp”), a subsidiary of SG Blocks, has acquired a membership interest to build 70,000 sq. ft of affordable housing in the Atlanta, Georgia metropolitan area to be known as “Norman Berry Village”. SGB DevCorp has partnered with CMC, a New York City-based real estate development firm with national expertise, with ZT Architecture & Land Development and Community Development Consortium providing design build services. CMC has previously engaged SG Blocks to complete a design build project known as Ridge Avenue, also in Atlanta, which is currently in the planning stage.
Photo credit: ZT Architecture & Land Development
Units will be constructed at the Company’s SG Echo campus in Durant, Oklahoma, and shipped to Atlanta. SGB DevCorp will control the planning and construction process, netting revenue from design, manufacturing, site work, and asset ownership stake. The project will draw on the experienced leadership of local developer Shaun Belle, CMC President.
“We are excited to be partnering with SGB DevCorp., on Norman Berry Village,” Shaun Belle noted. “It is an expansion of our relationship with SG Blocks. CMC believes modular construction represents the best value to the end user and we will continue to work vigorously in finding new sites to bring to market.”
“We believe in the opportunities Atlanta offers SGB DevCorp, and that expanding in the Atlanta market is the right choice at the right time, given the need for affordable housing,” Paul Galvin, Chairman and CEO of SG Blocks noted. “SGB DevCorp solutions can address directly some of the most pertinent issues in the U.S. housing shortage; as we build efficiently without losing design quality, and we operate at lower costs. It’s a win for everyone.”
“SGB DevCorp.’s strategy is and will remain to find the best local developers in emerging markets to partner within the delivery of safe and green affordable housing,” Galvin explained.
The Company anticipates this to be the first of many projects in which SGB DevCorp develops, designs, constructs and delivers either single family or multi-family homes, whether that be for purchase or for rent, depending on specific market need, with both affordability and quality in mind, given the nature of housing in the area.
Norman Berry Village is expected to consist of two buildings with 132 units, a mixture of one- and two-bedroom apartments. The land is located in the Atlanta, Georgia metropolitan area within East Point, Fulton County, Georgia.
“Atlanta’s economy has had a positive growth trajectory, with an influx of new and exciting corporations setting up shop. We’re pleased to be adding to this booming economy, although we know there is still work to be done,” Shaun Belle, President of CMC noted.
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then is customized to client specifications. For more information, visit www.sgblocks.com.
About CMC Development Group LLC
CMC Development Group’s goal is to improve the economic and environmental conditions of emerging urban markets through the development, acquisition and management of affordable residential and commercial properties. The core of CMC’s business is developing and managing residential and commercial real estate in Metropolitan New York and Atlanta area markets. CMC supports positive growth of urban neighborhoods it develops in through its Future Developers Program, Community Based Workforce and its Buy Local Construction Service Providers Program. CMC is focused on capitalizing on economic opportunities in urban areas while developing properties that focus on solid economic return, affordability and green building sustainability. CMC is a NYS Certified MBE with offices in NY and Atlanta, GA.
About ZT Architecture and Land Development
ZT Architecture + Land Development Inc. is an innovative Architecture, Design/Build & Development firm with offices located in: Los Angeles and Atlanta, GA. Our firm was founded on the principle and belief that architecture, is the design and organization of sculptured shapes and forms within space, acting as the canvas. If life is suspended animation, these designed suspended shapes and forms give context to our experience, through the relative, objectivity of each form and shape to each other. We feel therein lies the basis for environmentally sensitive, organically evolved, and sustainable, designed communities. Architecture has the capacity to help shape one’s experience. Our projects, big or small, public or private, high-end or affordable, all work to engage the public in a meaningful, thoughtful and poetic way, to create and leave a lasting impression and experience.
About Community Development Consortium
The Community Development Consortium, LLC (CDC) was created as a for profit vehicle to manage the assets, and other business/development operations of the non-profit, FAC Services. Our current structure couples our public and private sector community design/development and management experience and expertise to assist in bringing projects and programs to underserved communities
Safe Harbor Statement
Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding plans to build 70,000 sq. ft of affordable housing in the Atlanta, Georgia metropolitan area to be known as Norman Berry Village, the Atlanta market being the right choice at the right time and Norman Berry Village being the first of many projects in which SGB DevCorp develops, designs, constructs and delivers single family or multi-family homes. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to develop Norman Berry Village as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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