Safe and Green Development Corporation Pours Foundation for First Time in Company History
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.
Safe and Green Development (NASDAQ: SGD) ha raggiunto un importante traguardo gettando le fondamenta della sua prima casa nel sud del Texas. L'azienda, che ha recentemente ottenuto finanziamenti per la costruzione verticale, prevede di consegnare la casa modello entro 75 giorni. Inoltre, SGD ha ricevuto tutte le approvazioni necessarie e il finanziamento per la costruzione delle prime 5 case del suo Sviluppo Sugar Fase I, con l'inizio della costruzione previsto nelle prossime settimane.
Safe and Green Development (NASDAQ: SGD) ha alcanzado un hito significativo al verter los cimientos de su primera casa en el sur de Texas. La empresa, que recientemente aseguró financiamiento para la construcción vertical, espera entregar la casa modelo en un plazo de 75 días. Además, SGD recibió todas las aprobaciones necesarias y financiamiento para la construcción de las primeras 5 casas de su Desarrollo Sugar Fase I, con la construcción programada para comenzar en las próximas semanas.
Safe and Green Development (NASDAQ: SGD)가 텍사스 남부에 첫 번째 집의 기초를 놓음으로써 중요한 이정표를 세웠습니다. 이 회사는 최근 수직 건설을 위한 자금을 확보하였으며, 모델 하우스는 75일 이내에 완공할 예정입니다. 또한, SGD는 Sugar 1단계 개발의 첫 5채의 집에 필요한 모든 승인과 건설 자금을 받았으며, 건설은 곧 시작될 예정입니다.
Safe and Green Development (NASDAQ: SGD) a atteint une étape importante en coulant les fondations de sa première maison dans le sud du Texas. L'entreprise, qui a récemment obtenu un financement pour la construction verticale, prévoit de livrer la maison modèle dans un délai de 75 jours. De plus, SGD a reçu toutes les approbations nécessaires et le financement de construction pour les 5 premières maisons de son développement Sugar Phase I, avec un début de construction prévu dans les semaines à venir.
Safe and Green Development (NASDAQ: SGD) hat einen bedeutenden Meilenstein erreicht, indem es die Fundamente für sein erstes Haus im Süden von Texas gegossen hat. Das Unternehmen, das kürzlich Finanzierung für den vertikalen Bau gesichert hat, plant, das Musterhaus innerhalb von 75 Tagen zu übergeben. Darüber hinaus erhielt SGD alle erforderlichen Genehmigungen und Baufinanzierungen für die ersten 5 Häuser seines Sugar Phase I Development, mit dem Bau, der in den kommenden Wochen beginnen soll.
- 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
- None.
Insights
The foundation pouring for SGD's first model home marks a pivotal operational milestone, though the real significance lies in the secured financing and approvals for the broader Sugar Phase I Development. The 75-day delivery timeline for the model home and approved financing for 5 additional homes suggests a cautious, phased approach to development. The project's scope appears modest, indicating this is likely a proof-of-concept phase that will test the company's execution capabilities and market reception before larger-scale development.
The sequential approach - starting with a model home followed by a small batch of homes - is a standard industry practice that helps manage risk and optimize construction processes. However, without details on project costs, profit margins, or total development potential, it's challenging to gauge the financial impact on the company's future performance.
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
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SOURCE Safe and Green Development Corporation
FAQ
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