Safe and Green Development Corporation Pours Foundation for First Time in Company History
Rhea-AI Summary
Safe and Green Development (NASDAQ: SGD) has achieved a significant milestone by pouring the foundation for its first home in South Texas. The company, which recently secured financing for vertical construction, expects to deliver the model home within 75 days. Additionally, SGD received all necessary approvals and construction financing for the first 5 homes of its Sugar Phase I Development, with construction set to begin in the coming weeks.
Positive
- Secured construction financing for model home and first 5 homes of Sugar Phase I
- Obtained all necessary approvals for Sugar Phase I Development
- First foundation poured, marking start of actual construction
- Model home delivery expected within 75 days
Negative
- None.
News Market Reaction
On the day this news was published, SGD gained 20.66%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The Company previously announced that it secured financing terms for the vertical construction of the Company's model home. The home is expected to be delivered in the next 75 days.
This home is the precursor to the Company's Sugar Phase I Development which recently received all approvals to move forward with vertical construction. In addition, the Company received approval for construction financing for the first 5 homes of Sugar Phase I and will begin construction in the coming weeks.
The Company will continue to provide updates on the development of both the model home and Sugar Phase I.
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 delivering the Company's model home in the next 75 days, beginning construction for the first 5 homes of Sugar Phase I in the coming weeks, providing updates on the development of both the model home and Sugar Phase I 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 complete the model home and Sugar Phase I project as planned, 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.
For investor relations and media inquiries, please contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461
View original content:https://www.prnewswire.com/news-releases/safe-and-green-development-corporation-pours-foundation-for-first-time-in-company-history-302284129.html
SOURCE Safe and Green Development Corporation
FAQ
When will Safe and Green Development (SGD) complete its first model home?
How many homes is SGD initially building in Sugar Phase I Development?
Where is SGD building its first home?
What major milestone did SGD achieve in October 2024?
