Safe and Green Development Corp Secures Financing for Norman Berry Expansion in Atlanta, Georgia
March 08 2024 - 9:00AM
Safe and Green Development Corporation (NASDAQ: SGD)(“SG DevCo” or
the “Company”), is pleased to announce an update on the Norman
Berry Village property in Atlanta, GA.
David Villarreal, President & CEO of SG DevCo, stated, “It
is with great pleasure for me to announce the progression of the
Norman Berry project. We have secured financing to acquire the
previously announced ROW on the property and an 18,000 square foot
adjacent parcel that we believe will collectively significantly
increase the value of the Norman Berry parcel.” “I am also very
pleased with our partner CMC Development Group, a leading
development firm in the area, and the constant communication
between our two companies. CMC was crucial in receiving approval
from the city of Eastpoint to purchase the project’s Right of Way
which will enable us to develop a six-acre site on Norman Berry
Drive in a timely manner, all of which has made this project move
forward quickly.” concluded Mr. Villarreal.
Norman Berry Village is a prime location for development. The
project includes constructing a 125,000-square-foot facility that
will accommodate a combination of 68 single and double occupancy
residences for elderly and assisted living residents including many
additional building amenities.
There are planned additional phases of construction for the
Norman Berry Village project's design, and the completed project is
expected to feature two buildings housing 134 units, offering a
blend of one and two-bedroom apartments.
About Safe and Green Development
CorporationSafe and Green Development Corporation is a
leading 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, sourced from one of Safe
& Green Holdings Corp.’s factories operated by Safe & Green
Holdings’ SG Echo subsidiary. More information about SG DevCo can
be found at www.sgdevco.com.
Safe Harbor StatementStatements in this press
release that are not strictly historical in nature are
forward-looking statements. These statements are only predictions
based on current information and expectations and include
statements regarding the acquisition of the 18,000 square foot
adjacent parcel collectively significantly increasing the value of
the Norman Berry parcel, constructing a 125,000-square-foot
facility that will accommodate a combination of 68 single and
double occupancy residences for elderly and assisted living
residents including many additional building amenities, additional
phases of construction being planned for the Norman Berry Village
project's design and the completed project featuring two buildings
housing 134 units, offering a blend of one- and two-bedroom
apartments. Actual events or results may differ materially from
those projected in any of such statements due to various factors,
including the the Company’s ability to complete the Norman Berry
project as planned, the Company’s abilityto monetize its real
estate holdings and the other factors discussed in the Company’s
Form 10 registration statement 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 Safe and Green Development
Corporation 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
RelationsAndrew@Barwicki.com516-662-9461
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