SG Blocks Partners with CMC Development Group on a $15 Million Affordable Housing Project – The Ridge Avenue Project; Subje...
October 10 2019 - 9:00AM
Business Wire
Announces first deal with CMC Development Group, The Ridge
Avenue Project, a 100-unit building in Peoplestown, Atlanta GA with
Grimshaw performing schematic design
SG Blocks, Inc. (NASDAQ: SGBX), a leading
designer, fabricator and innovator of container-based structures
(“SG Blocks), today announced that it has partnered with CMC
Development Group/Creative Container and Spaces/Eco Development LLC
(hereinafter referred to as “CMC Development Group” or “CMC”) on a
100 unit building in Atlanta, known as The Ridge Avenue project – a
$15.0 million affordable housing project. Ridge Avenue is the first
deal of a new partnership between SG Blocks and CMC, which provides
exclusive right of first refusal access to CMC’s deals and
pipeline, subject to reasonable limits. In exchange for access to
CMC’s backlog and pipeline projects and recommendation of SG Blocks
to other businesses, SG Blocks will provide CMC 50,000 restricted
stock units vesting over 2-years. The Ridge Avenue project is a
residential project subject to SG Blocks’ recently announced
license agreement with CPF MF 2019-1 LLC (“CPF MF”). As a result,
CPF MF will arrange for the design build of the container based
modular building for the project and SG Blocks will be entitled to
the related fees under the license agreement.
Paul Galvin, Chairman and CEO of SG Blocks, commented, “We
believe this relationship with CMC provides substantial mutual
benefit for SG Blocks and CMC. CMC has played a vital role in
bringing safe and affordable housing to Bronx residents for decades
and we look forward to helping them scale their efforts.” SG Blocks
gains access to CMC’s substantial pipeline and backlog of mid-rise
affordable housing developments located primarily in the Bronx and
Atlanta. In return, CMC receives upside opportunity in SG Blocks’
success in the form of restricted stock units.
Shaun Belle of CMC stated “CMC gains access to SG Blocks’
proprietary best-in-class container-based testing and modeling, and
container preparation and building process. Furthermore, there is
no better way to start this relationship then to be partnering on
The Ridge Avenue Project, a 100-unit building in Atlanta. We expect
Ridge Avenue to be the first of many deals SG Blocks and CMC does
together. We are thrilled to have Grimshaw bringing their
reputation, talent and resources into the Atlanta affordable
housing market.”
Grimshaw chairman Andrew Whalley stated, “Grimshaw seeks to
provide the very best in design excellence and sustainability in
each of our projects. We are committed to creating affordable
housing that provides a setting for healthy, sustainable living and
we look forward to bringing these commitments to our partnership
with SG Blocks and CMC Development.”
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.
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 customized to client
specifications. For more information, visit
www.sgblocks.com.
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," “target,”
“opportunity” or similar expressions, or statements regarding
intent, belief, or current expectations, are forward-looking
statements. While SG Blocks believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are based upon current estimates and assumptions and are
subject to various risks and uncertainties, including without
limitation those set forth in SG Blocks' filings with the
Securities and Exchange Commission. Thus, actual results could be
materially different. SG Blocks expressly disclaims any obligation
to update or alter statements whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191010005241/en/
Media Rubenstein Public Relations Christina Levin Account
Director 212-805-3029 clevin@rubensteinpr.com or Investor
Relations James Carbonara Hayden IR (646)-755-7412
james@haydenir.com
Brett Maas Hayden IR (646) 536-7331
brett@haydenir.com
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