Safe and Green Development Corporation Provides Construction Update on Sugar Phase I Project in South Texas

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has initiated construction on its Sugar Phase I project in South Texas following site work completion and permit acquisition. The project's first phase encompasses the construction of 5 single-family homes. The company has already completed foundation work, with framing expected to be finished within the week. This development represents a strategic move to address housing demands in South Texas communities. The company has released a video documenting the project's progress on their website.

Positive

• Construction officially started on Sugar Phase I project
• All required permits and elevation certificates obtained
• Foundation work completed and framing near completion
• Project addresses growing housing demand in South Texas

Negative

• None.

Insights

Real Estate Development Analyst

The commencement of Sugar Phase I represents a modest initial step into the South Texas residential market. With only 5 single-family homes in this phase, the immediate revenue impact will be given SGD's $3.37M market cap. While breaking ground signals operational progress, the small scale suggests this is more of a proof-of-concept project than a significant revenue driver.

The rapid progression from foundation to framing indicates efficient project management, but investors should note that South Texas's housing market faces challenges including rising interest rates and affordability concerns. Without disclosure of project costs, expected margins, or sales pricing, it's difficult to assess the financial impact. This appears to be a strategic positioning move rather than a material near-term catalyst.

MIAMI, Oct. 29, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG Devco" or the "Company"), a real estate development company, announces the start of construction on its Sugar Phase I project in South Texas.

Following the recent completion of all required site work and receipt of necessary elevation certificates and permits, SG Devco has officially broken ground on this first phase, which will consist of 5 single-family homes. This marks an important step forward for SG Devco's plan to bring high-quality housing to South Texas communities.

"Starting construction on Sugar Phase I is a pivotal moment for SG Devco," said David Villarreal, CEO of SG Devco. "We're excited to begin building homes that will meet the growing demand in South Texas and serve as a foundation for further developments in the area."

With the foundation now poured, framing is expected to be completed later this week as construction progresses rapidly. A video showcasing the project's milestones and current status is being released in conjunction with this announcement, highlighting SG Devco's commitment to transparency and community engagement. View the video and learn more about the project on the SG Devco website: https://www.sgdevco.com/projects.

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 bringing high-quality housing to South Texas communities, building homes that will meet the growing demand in South Texas and serve as a foundation for further developments in the area, the framing being completed later this week as construction progresses rapidly 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 Sugar Phase I project in South Texas as planned, the Company's ability to deliver homes that meet the growing demand in South Texas, 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-provides-construction-update-on-sugar-phase-i-project-in-south-texas-302290040.html

SOURCE Safe and Green Development Corporation

FAQ

What is the scope of SGD's Sugar Phase I project in South Texas?

The Sugar Phase I project consists of 5 single-family homes, with foundation work completed and framing expected to be finished within a week.

What construction milestones has SGD achieved in the Sugar Phase I project?

SGD has completed all required site work, obtained necessary elevation certificates and permits, poured the foundation, and begun framing work.

Where can investors view updates on SGD's Sugar Phase I project?

Investors can view project updates and a video showcasing construction milestones on the company website at sgdevco.com/projects.

When did SGD begin construction on the Sugar Phase I project?

SGD announced the start of construction on October 29, 2024, following completion of site work and receipt of necessary permits.