Safe and Green Development Corporation Sells St Mary's for $1.4M

MIAMI, Nov. 20, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG Devco" or the "Company"), a real estate development company, is pleased to announce that it closed the sale of its St Mary's Property to Pigmental Studios for $1.4 million on November 18, 2024. The Company realized approximately $1.1M in net proceeds from this closing.

The property was sold as part of the Company's previously announced goal to strategically monetize some of its real estate holdings that have increased in value. This sale will help reduce debt and increase the Company's cash position. Additionally, the Company continues to evaluate offers on its Lago Vista Parcel, the most recent of which far exceeded the price paid by the Company. The Company will continue to pursue this strategy as a means of raising capital to spur its growth and advance other real estate projects. Moreover, the closing of the sale supports the previously appraised values of the Company's real estate.

"The sale of St Mary's is a milestone that exemplifies the value of our real estate holdings" said David Villarreal, CEO of SG Devco. "We are happy to sell and capitalize on the increase in the value on this parcel which will allow us to move forward on other real estate properties and various projects that we are developing."

The buyer, Pigmental Studios, partnered with Holley Capital, LLC to purchase the parcel. SG Devco and Pigmental Studios are actively engaged in reviewing building options that SG Devco can provide as part of the overall development.

Marcus Holley, of Holley Capital LLC, said, "We see St Marys, GA as a growing business and tourist destination and are committed to channeling resources into the region."

Marina Martins, CEO of Pigmental Studios said, "After closing on this parcel, Pigmental Studios has all 114 acres of property firmly in hand which is a good reason to celebrate and gets us another major leap closer to the actualization of the Pigmental Studios Creation & Technology Campus in St Marys, GA. We look forward to collaborating with SG Devco on housing options for our upcoming development."

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 strategically monetizing some of the Company's real estate holdings that have increased in value, the sale helping to reduce debt and increase the Company's cash position, the Company continuing to evaluate offers on its Lago Vista Parcel; the Company continuing to pursue the sales strategy as a means of raising capital to spur its growth and advance other real estate projects; the Company moving forward on real estate properties and various projects that it is developing and Pigmental Studios collaborating with SG Devco on housing options for its upcoming development,.

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 successfully implement its sales strategy and sell properties that have increased in value; the Company's ability to move forward on real estate properties and various projects that it is developing; 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