Approval paves the way to begin development of the site

Plans to construct 125,000 square-foot facility consisting of a mix of 68 single and double occupancy residences for elderly and assisted living residents

MIAMI, Fla., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD)(“SG DevCo” or the “Company”), a leading real estate development company recently spun off from Safe & Green Holdings Corp. (NASDAQ: SGBX) (“SG Holdings”), in partnership with CMC Development Group (“CMC”) and architecture and engineering firm CSHQA, , has received approval from the city of Eastpoint to purchase the project’s Right Of Way (“ROW”) approval to begin developing a six-acre site on Norman Berry Drive in Atlanta, Georgia (“Norman Berry Village”).

"We believe the Norman Berry Village in Atlanta is a prime location for development, considering its demographics and the growing need for homes in the area," said David Villarreal, President & CEO of SG DevCo. “In this stage of the project, we will be constructing a 125,000-square-foot facility that will accommodate a combination of 68 single and double occupancy residences for elderly and assisted living residents including many additional building amenities.”

“We are delighted to partner with CMC. This type of collaboration with local partners is our favored approach to development. We also seek to involve local workers and landowners, as we introduce eco-friendly and safe housing solutions, with a focus on both affordability and quality.”

There are planned additional phases of construction for the Norman Berry Village project's design, and the completed project is expected to feature two buildings housing 134 units, offering a blend of one- and two-bedroom apartments. Additional facilities like a clubhouse, gym, and outdoor recreational areas are also expected to be part of the development. These structures will be assembled at the SG Echo campus located in Durant, Oklahoma, before being transported to Atlanta. Groundbreaking activities are slated to kick off in 2024.

About Safe and Green Development Corporation

Safe and Green Development Corporation is a leading 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, sourced from one of SG Holdings’ factories operated by SG Holdings’ SG Echo subsidiary. More information about SG DevCo can be found at www.sgdevco.com.

About Safe & Green Holdings Corp.

Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit https://www.safeandgreenholdings.com/ and follow us at @SGHcorp on Twitter.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the Company’s plans to construct a 125,000-square-foot facility and the expected features thereof; planned additional phases of the project and the expected features thereof; and projected timing of the project. While the Company and SG Holdings believe these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include but are not limited to those factors discussed in SG Holding’s Annual Report on Form 10-K for the year ended December 31, 2022 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K and in the Form 10 registration statement filed by SG DevCo and its subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

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