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MIAMI - Safe and Green Development Corporation (NASDAQ: SGD), a real estate development firm, has successfully placed all five homes from the first phase of its Sugar Joint Venture with Milk & Honey, LLC under contract. These properties, located in Edinburg and Weslaco, Texas, are expected to close on or about April 11, 2025.
The homes, each under contract for $195,000, except for one in Weslaco contracted at $170,000, reflect a strong demand for high-quality housing in the region. The sales were facilitated through a partnership with Element Realty's Madilyn Garza and Jose Lopez of the Opulent Real Estate Group.
Looking ahead, SG Devco plans to initiate construction on an additional seven homes, with completion and market readiness anticipated by the second quarter of 2025. This progress aligns with the company's target to finish 55 homes within the year.
SG Devco, established in 2021, specializes in acquiring and investing in properties for future development into sustainable residential projects. The company leverages technology through its subsidiaries, Majestic World Holdings LLC and MyVONIA Innovations LLC, to enhance margins on home sales and improve productivity for individuals and businesses with AI-driven solutions.
The information in this article is based on a press release statement. Forward-looking statements in the release, such as the anticipated closing date for the home sales and future construction plans, are subject to various factors that could cause actual results to differ from current expectations. These factors, detailed in SG Devco's filings with the SEC, include the company's ability to fulfill its construction and sales goals and to effectively utilize its AI platforms for market advantage.
In other recent news, Safe and Green Development Corporation has seen several key developments. The company has met the stockholders' equity requirement for NASDAQ Listing Rule 5550(b), potentially regaining compliance with NASDAQ's continued listing standards. Additionally, Safe & Green Development Corp has finalized the sale of its 10% equity interest in JDI-Cumberland Inlet, LLC for a $4.5 million promissory note, as part of its strategy to address non-compliance with Nasdaq's minimum stockholders' equity requirement.
Moreover, the company has entered into a definitive agreement to sell approximately 60 acres of waterfront land on Lake Travis in Texas to Lithe Development Inc. for $6.575 million. It has also reached an agreement with Safe & Green Holdings Corp. (SGBX) to settle inter-company financial obligations, forgiving a promissory note and advances totaling over $1.7 million in exchange for SGBX transferring 276,425 shares of SGD Common Stock to SGD.
Furthermore, Safe & Green Development Corp, through its joint venture Sugar Phase I LLC, has secured a loan agreement for up to $1,092,672.75 to finance the construction of a residential project in South Texas. These are recent developments that highlight the company's active engagement in its business operations and strategic planning.
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