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Safe & Green Development Corp, a real estate company, has entered into a definitive agreement to sell a significant property in Texas. On January 30, 2025, the company’s wholly owned subsidiary, LV Peninsula Holding, LLC, agreed to sell approximately 60 acres of waterfront land on Lake Travis in Lago Vista, Texas, to Lithe Development Inc. for $6.575 million.
The transaction is expected to close by February 12, 2025, subject to the fulfillment of all closing conditions. Lithe Development Inc., the buyer, is required to provide an executed JV contract and a loan agreement within four business days of signing the contract. Additionally, Lithe has placed a $1,000 earnest money deposit to demonstrate its commitment to the purchase.
This current agreement supersedes a previous contract between LV Holding and Lithe, which had been amended several times since its initial date of April 25, 2024. If Lithe fails to complete the purchase, LV Holding has the right to terminate the contract and retain the earnest money deposit as its sole remedy.
The sale of the Lago Vista Site represents a material transaction for Safe & Green Development Corp, which is listed on The Nasdaq Stock Market LLC under the ticker SGD. The company, which operates within the real estate sector, is classified as an emerging growth company.
The details of the transaction are outlined in the Commercial Contract attached as Exhibit 10.1 in the company’s 8-K filing with the Securities and Exchange Commission. This sale is a strategic move within Safe & Green Development Corp’s broader business activities in the real estate market. The information in this article is based on the press release statement provided in the SEC filing.
In other recent news, Safe and Green Development Corporation (SGD) has been making significant strides in its operations. The company recently resolved a debt issue with Safe & Green Holdings Corp. (SGBX), acquiring 276,425 shares of SGD common stock and forgiving nearly $400,000 of debt. This move is expected to reduce the number of shares outstanding and potentially limit future dilution.
In addition, SGD secured funding for a residential development project in South Texas, obtaining a loan agreement for up to $1,092,672.75 for the construction. The company, along with its joint venture partner, Properties by Milk & Honey LLC, has provided an unconditional guarantee for the loan.
SGD has also reached a milestone in its Sugar Phase I project, hitting the halfway point in construction. This progress is part of the company’s strategy to meet the growing demand for housing in the South Texas region.
In a series of strategic moves, SGD has entered into two joint ventures with Milk & Honey LLC to develop single-family homes in Hidalgo County, Texas. The company has also accelerated the payment of commitment shares in an amendment with Arena Business Solutions Global SPC II, LTD, facilitating the issuance of a pre-funded warrant for 83,333 shares of common stock.
These are recent developments that highlight SGD’s active management of its financial assets and partnerships, as well as its commitment to expanding its footprint in the real estate market.
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