SG Blocks Announces Updates for Its Wholly Owned Subsidiary SGB Development Corporation

SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading developer, designer, and fabricator of modular structures, announced site updates of SGB Development Corporation (“SGB DevCorp”), a wholly owned subsidiary of the Company, focused on real estate development, in addition to expansion updates of the Company’s manufacturing campus footprint.

“We are thrilled to be able to offer to our shareholders an update on SGB DevCorp’s growth and recent developments. Earlier this month, we published to our website the land appraisals for three SGB DevCorp sites and our McLean & St. Marys factories,” Paul Galvin, Chairman and CEO of SG Blocks explained. “Given the assessed value of those properties, along with our recent site and factory updates below, we are pleased with our real estate development performance and are excited about our future growth as the Company continues to capitalize on its record backlog of approximately $765 million with 4,000+ units to be built.”

Lago Vista, TX

The Lago Vista property recently received approval for a 100% long term rental in the PDD amendment and remains on schedule currently to close in Q4.

Cumberland Inlet

SG Blocks is excited that the site plan for a 1,400-acre waterfront parcel, and largest project to date, has been approved for development. The Cumberland Inlet Project is envisioned to revitalize the downtown St. Marys area with an emphasis on creating a community in harmony with the natural surroundings.

Initial deliveries of the modular residential units are expected by Q3 2023, with updates to the manufacturing site to follow.

The location will serve as home to 1,280 units made up of single family, multi-family, vacation and hospitality use, as well as a full-service marina, village, and upscale Eco-Tourism park inclusive of camping, yurts, cabins and cottages.

St. Marys, GA (Manufacturing Facility)

The Company has purchased approximately 33 acres of land from the Camden County Joint Development Authority (JDA) for the development of a new manufacturing facility that will support the Cumberland Inlet project.

Located in the heart of St. Marys Commerce Park, this location provides perfect accessibility to the metropolitan area’s transportation infrastructure. The 114,000 square foot manufacturing facility will welcome roughly 125 new employees within the first three years. The new campus will serve a multitude of projects including the Cumberland Inlet and Norman Berry projects.