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Safe and Green Development Corp Secures Financing for Norman Berry Expansion in Atlanta, Georgia

Written by Customer Service on . Posted in Public Companies.

MIAMI, Fla, March 08, 2024 (GLOBE NEWSWIRE) — 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 Corporation
Safe 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 Statement
Statements 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 Relations
Andrew@Barwicki.com
516-662-9461

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