Company plans to build 70,000 SF residential
apartment complex in the greater Atlanta area for affordable
housing units.
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a
leading designer, innovator and fabricator of container-based
structures, announced today that SGB Development Corp. (“SGB
DevCorp”), a subsidiary of SG Blocks, has acquired a membership
interest to build 70,000 sq. ft of affordable housing in the
Atlanta, Georgia metropolitan area to be known as “Norman Berry
Village”. SGB DevCorp has partnered with CMC, a New York City-based
real estate development firm with national expertise, with ZT
Architecture & Land Development and Community Development
Consortium providing design build services. CMC has previously
engaged SG Blocks to complete a design build project known as Ridge
Avenue, also in Atlanta, which is currently in the planning
stage.
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Photo credit: ZT Architecture & Land
Development
Units will be constructed at the Company’s SG Echo campus in
Durant, Oklahoma, and shipped to Atlanta. SGB DevCorp will control
the planning and construction process, netting revenue from design,
manufacturing, site work, and asset ownership stake. The project
will draw on the experienced leadership of local developer Shaun
Belle, CMC President.
“We are excited to be partnering with SGB DevCorp., on Norman
Berry Village,” Shaun Belle noted. “It is an expansion of our
relationship with SG Blocks. CMC believes modular construction
represents the best value to the end user and we will continue to
work vigorously in finding new sites to bring to market.”
“We believe in the opportunities Atlanta offers SGB DevCorp, and
that expanding in the Atlanta market is the right choice at the
right time, given the need for affordable housing,” Paul Galvin,
Chairman and CEO of SG Blocks noted. “SGB DevCorp solutions can
address directly some of the most pertinent issues in the U.S.
housing shortage; as we build efficiently without losing design
quality, and we operate at lower costs. It’s a win for
everyone.”
“SGB DevCorp.’s strategy is and will remain to find the best
local developers in emerging markets to partner within the delivery
of safe and green affordable housing,” Galvin explained.
The Company anticipates this to be the first of many projects in
which SGB DevCorp develops, designs, constructs and delivers either
single family or multi-family homes, whether that be for purchase
or for rent, depending on specific market need, with both
affordability and quality in mind, given the nature of housing in
the area.
Norman Berry Village is expected to consist of two buildings
with 132 units, a mixture of one- and two-bedroom apartments. The
land is located in the Atlanta, Georgia metropolitan area within
East Point, Fulton County, Georgia.
“Atlanta’s economy has had a positive growth trajectory, with an
influx of new and exciting corporations setting up shop. We’re
pleased to be adding to this booming economy, although we know
there is still work to be done,” Shaun Belle, President of CMC
noted.
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and
promoting the use of code-engineered cargo shipping containers for
safe and sustainable construction. The firm offers a product that
exceeds many standard building code requirements, and also supports
developers, architects, builders and owners in achieving greener
construction, faster execution, and stronger buildings of higher
value. Each project starts with GreenSteel™, the structural core
and shell of an SG Blocks building, and then is customized to
client specifications. For more information, visit
www.sgblocks.com.
About CMC Development Group LLC
CMC Development Group’s goal is to improve the economic and
environmental conditions of emerging urban markets through the
development, acquisition and management of affordable residential
and commercial properties. The core of CMC’s business is developing
and managing residential and commercial real estate in Metropolitan
New York and Atlanta area markets. CMC supports positive growth of
urban neighborhoods it develops in through its Future Developers
Program, Community Based Workforce and its Buy Local Construction
Service Providers Program. CMC is focused on capitalizing on
economic opportunities in urban areas while developing properties
that focus on solid economic return, affordability and green
building sustainability. CMC is a NYS Certified MBE with offices in
NY and Atlanta, GA.
About ZT Architecture and Land Development
ZT Architecture + Land Development Inc. is an innovative
Architecture, Design/Build & Development firm with offices
located in: Los Angeles and Atlanta, GA. Our firm was founded on
the principle and belief that architecture, is the design and
organization of sculptured shapes and forms within space, acting as
the canvas. If life is suspended animation, these designed
suspended shapes and forms give context to our experience, through
the relative, objectivity of each form and shape to each other. We
feel therein lies the basis for environmentally sensitive,
organically evolved, and sustainable, designed communities.
Architecture has the capacity to help shape one’s experience. Our
projects, big or small, public or private, high-end or affordable,
all work to engage the public in a meaningful, thoughtful and
poetic way, to create and leave a lasting impression and
experience.
About Community Development Consortium
The Community Development Consortium, LLC (CDC) was
created as a for profit vehicle to manage the assets, and other
business/development operations of the non-profit, FAC Services.
Our current structure couples our public and private sector
community design/development and management experience and
expertise to assist in bringing projects and programs to
underserved communities
Safe Harbor Statement
Forward-Looking Statements 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 plans to build 70,000
sq. ft of affordable housing in the Atlanta, Georgia metropolitan
area to be known as Norman Berry Village, the Atlanta market being
the right choice at the right time and Norman Berry Village being
the first of many projects in which SGB DevCorp develops, designs,
constructs and delivers single family or multi-family homes. While
SG Blocks believes 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, among others, the Company’s ability to
develop Norman Berry Village as planned, the Company’s ability to
position itself for future profitability, the Company’s ability to
maintain compliance with the NASDAQ listing requirements, and the
other factors discussed in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2019 and its subsequent filings
with the SEC, including subsequent periodic reports on Forms 10-Q
and 8-K. 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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version on businesswire.com: https://www.businesswire.com/news/home/20210602005395/en/
Investors: Stephen Swett (203) 682-8377
investors@sgblocks.com
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