Safe and Green Development Corporation Acquires an Additional 160 Single Family Lots on 21 Acres in Texas via Joint Venture

MIAMI, Nov. 19, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ:SGD) ("SG Devco" or the "Company") announces it entered two additional joint ventures for the purpose of developing and constructing single-family homes in South Texas. Through the new joint ventures, SG Devco has secured an additional 160 lots bringing the total pipeline in South Texas to over approximately 250 lots for single family home development. The 160 lots are spread across two separate parcels totaling 21 acres that will be developed sequentially.

Hacienda Olivia Phases III & IV will be the continuation of Hacienda Olivia Phase II, which is currently undergoing horizontal development with t57 lots estimated to be ready in Q1 of 2025. Phases III & IV are slated to begin horizontal land development by Q2 of 2025 with completion expected towards the end of 2025.

CEO David Villarreal commented, "We are thrilled to expand through these new joint ventures our pipeline with these additional single family lots in South Texas. We are encouraged by the rapid construction progress at the Sugar Phase 1 Development and look forward to continuing to build on the momentum."

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 Hacienda Olivia Phases III & IV being the continuation of Hacienda Olivia Phase II, 60 lots being ready in Q1 of 2025, beginning horizontal development by Q2 of 2025 of Phases III & IV, completing Phases III & IV towards the end of 2025, continuing to build on the momentum 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 commence construction of Hacienda Olivia Phases III & IV as planned, the Company's ability to deliver 57 lots from Hacienda Olivia Phase II in Q1 of 2025, the Company's ability to begin horizontal development by Q2 of 2025 of Phases III & IV and complete Phases III & IV towards the end of 2025, 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

[email protected]

516-662-9461

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SOURCE Safe and Green Development Corporation