Safe and Green Development Corporation Executes Contract to Sell Lago Vista Site

MIAMI, Fla, April 26, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) is pleased to announce the Company received and executed a commercial contract to sell the Company’s Lago Vista site to an unnamed buyer. The Lago Vista property is an approximately 60-acre waterfront property located on Lake Travis, Texas. After evaluating the current timeline of the joint offer and the purchase offer, the Company decided to sell the property to strategically reinforce its balance sheet. The closing of this transaction would result in approximately $5,000,000 of debt to be extinguished from the Company’s balance sheet and yield additional non-dilutive cash proceeds.

David Villarreal, President & CEO of Safe and Green Development Corporation stated, “This is truly an exciting time for us as we continue to execute on our previously announced initiative to strategically monetize our real property. We believe the property will be in great hands with the prospective buyer and are excited to see their project come to life. For us, this closing would reinforce our balance sheet and allow the Company to narrow our focus on McLean, Norman Berry & Cumberland Inlet projects. Additionally, this is the second property we have successfully monetized, which strengthens our balance sheet and further substantiates the inherent value of our real property, even in a challenging environment.”

The Lago Vista property was originally purchased by SG Devco’s subsidiary for $3.5 million in 2021. Pursuant to the terms of the contract, the sale transaction is expected to close after a 70-day due diligence period and a subsequent 30-day closing period.

About Safe and Green Development Corporation
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 proptech company that has created the XENE Home Platform. It is powered by advanced AI technology which 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.