SGB Development Corp. Partnership Acquires Development Parcel in Atlanta, Georgia
SG Blocks (NASDAQ: SGBX) announced its subsidiary, SGB Development Corp., in partnership with CMC Development Group, acquired a six-acre site in Atlanta, Georgia for a rental apartment community. The project, named Norman Berry Village, will feature 134 units and is projected to cost approximately $21 million. Groundwork is expected to begin in Q3 2021, with completion by Q3 2023. This initiative aims to address affordable housing needs in Atlanta, where 20.8% of residents live below the poverty line.
- Acquisition of a strategic six-acre site in Atlanta for affordable housing development.
- Projected completion of 134 housing units to meet Atlanta's high demand for affordable housing.
- Use of proprietary modular construction techniques to lower costs and enhance quality.
- Potential delays in construction may impact timelines and costs.
- Dependence on partnership success with CMC for future projects.
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of container-based structures, today announced that SGB Development Corp. (“SGB DevCorp”), a wholly-owned subsidiary of the Company, through its partnership with CMC Development Group (“CMC”), ZT Architecture + Land Development and Community Development Consortium, has acquired a six-acre site on Norman Berry Drive in Atlanta, Georgia for the development of a rental apartment community.
Location of proposed apartment complex on Norman Berry Drive. (Graphic: Business Wire)
“We are excited to move forward in our partnership with SGB DevCorp on Norman Berry Village,” commented Shaun Belle, CMC’s President. “SG Blocks’ proprietary modular construction expertise allows us to deliver high quality housing units at lower cost, to help serve Atlanta’s growing need for reasonably-priced housing. We believe this is the first of many such projects on which we can partner, and we continue to work to identify additional opportunities.”
“We have identified Atlanta as a market where we want to develop based upon demographics and unmet need. Partnering with CMC will allow us to source and deliver quality projects, of which Norman Berry Village is the first,” Paul Galvin, Chairman and CEO explained. “It is our preferred method of development to partner with local, talented land owners and real estate developers to expand our ability to bring safe and green housing to the market.”
Even prior to the global COVID-19 health pandemic, about 10 to 15 percent of Americans were housing insecure, according to research from the Brookings Institution. SG Blocks believes modular construction is a major solution to creating a new housing stock that is affordable in America.
Moreover, according to data from the Census Bureau, 20.8 percent of people living in Atlanta are below the poverty line.
The plans for Norman Berry Village consist of two buildings, with 134 units, including a mixture of one- and two-bedroom apartments as well as on-site amenities including a clubhouse, gym, and outdoor green spaces. The buildings will be constructed at the Company’s SG Echo campus in Durant, Oklahoma, and delivered to Atlanta. Site work is expected to commence in third quarter 2021, with construction completed by third quarter 2023. The project is expected to cost approximately
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 + 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 a 125,000 SF residential apartment complex with 134 units, including a mixture of one- and two-bedroom apartments as well as on-site amenities including a clubhouse, gym, and outdoor green spaces on Norman Berry Drive in Atlanta, Georgia, the Norman Berry Village project being the first of many such projects on which the Company can partner with CMC, modular construction being a major solution to creating a new housing stock that is affordable in America, site work commencing in third quarter 2021, construction being completed by third quarter 2023 and the project costing approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005251/en/
FAQ
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