Company plans to build 125,000 SF residential
apartment complex offering 134 rental units.
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the
“Company”), a leading designer, innovator and fabricator of
container-based structures, today announced that SGB Development
Corp. (“SGB DevCorp”), a wholly-owned subsidiary of the Company,
through its partnership with CMC Development Group (“CMC”), ZT
Architecture + Land Development and Community Development
Consortium, has acquired a six-acre site on Norman Berry Drive in
Atlanta, Georgia for the development of a rental apartment
community.
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the full release here:
https://www.businesswire.com/news/home/20210624005251/en/
Location of proposed apartment complex on
Norman Berry Drive. (Graphic: Business Wire)
“We are excited to move forward in our partnership with SGB
DevCorp on Norman Berry Village,” commented Shaun Belle, CMC’s
President. “SG Blocks’ proprietary modular construction expertise
allows us to deliver high quality housing units at lower cost, to
help serve Atlanta’s growing need for reasonably-priced housing. We
believe this is the first of many such projects on which we can
partner, and we continue to work to identify additional
opportunities.”
“We have identified Atlanta as a market where we want to develop
based upon demographics and unmet need. Partnering with CMC will
allow us to source and deliver quality projects, of which Norman
Berry Village is the first,” Paul Galvin, Chairman and CEO
explained. “It is our preferred method of development to partner
with local, talented land owners and real estate developers to
expand our ability to bring safe and green housing to the
market.”
Even prior to the global COVID-19 health pandemic, about 10 to
15 percent of Americans were housing insecure, according to
research from the Brookings Institution. SG Blocks believes modular
construction is a major solution to creating a new housing stock
that is affordable in America.
Moreover, according to data from the Census Bureau, 20.8 percent
of people living in Atlanta are below the poverty line.
The plans for Norman Berry Village consist of two buildings,
with 134 units, including a mixture of one- and two-bedroom
apartments as well as on-site amenities including a clubhouse, gym,
and outdoor green spaces. The buildings will be constructed at the
Company’s SG Echo campus in Durant, Oklahoma, and delivered to
Atlanta. Site work is expected to commence in third quarter 2021,
with construction completed by third quarter 2023. The project is
expected to cost approximately $21 million. SGB DevCorp will
control the planning and construction process, and earn
manufacturing revenue, as well as a share of development fees.
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 + 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 a
125,000 SF residential apartment complex with 134 units, including
a mixture of one- and two-bedroom apartments as well as on-site
amenities including a clubhouse, gym, and outdoor green spaces on
Norman Berry Drive in Atlanta, Georgia, the Norman Berry Village
project being the first of many such projects on which the Company
can partner with CMC, modular construction being a major solution
to creating a new housing stock that is affordable in America, site
work commencing in third quarter 2021, construction being completed
by third quarter 2023 and the project costing approximately $21
million. 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 partner on other projects with CMC, the
Company’s ability to create new affordable housing stock with
modular construction to solve the housing shortage in America, the
Company’s ability to commence site work in third quarter 2021 as
planned, the Company’s ability to complete construction by third
quarter 2023 as planned and at a cost of approximately $21 million,
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210624005251/en/
Investors: Stephen Swett (203) 682-8377
investors@sgblocks.com
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