Company plans to build approximately 1,280
residential units on a 1,286 acre waterfront parcel in St. Marys,
Georgia
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the
“Company”), a leading designer, innovator and fabricator of modular
structures, announced today that its development subsidiary, SGB
Development Corp. (“SG DevCorp”), has acquired a 10% non-dilutable
equity interest in JDI-Cumberland Inlet, LLC, a Georgia limited
liability company, contributing $3,000,000 in capital to develop
Cumberland Inlet, a 1,286 acre waterfront parcel in historic
downtown St. Marys, Georgia. SG DevCorp in conjunction with Jacoby
Development of Atlanta, Georgia expects to develop a mixed-use
destination community. The closing on the 1,286 acre waterfront
parcel is scheduled to occur prior to the end of Q2 2021.
This press release features multimedia. View
the full release here:
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Preliminary sketch plan of Cumberland
Inlet. (Graphic: Business Wire)
“We are thrilled to announce our latest SG DevCorp project to
deliver approximately 1,280 cutting-edge modular units within the
mixed use destination community in beautiful St. Marys Georgia,”
stated Paul Galvin, Chairman & Chief Executive Officer of SG
Blocks. “The Cumberland Inlet project is envisoned to revitalize
the downtown area, with an emphasis on creating a community in
harmony with the natural surroundings. We will be developing
Cumberland Inlet in partnership with Jacoby Development, a
highly-regarded and experienced developer in the southeast United
States. Jacoby has been coordinating over the last two years with
community stakeholders in a Public/Private Partnership (P3) to
redevelop the waterfront parcel which previously was the site of a
large pulp mill. This project also aligns with our vision for
delivering product to sustainable, resilient communities along the
coast and should aid us in showcasing our technology to the world,
allowing us to focus on manufacturing. We estimate that our gross
potential manufacturing revenue from this project will be
approximately $180 million, being without a doubt, our largest SG
DevCorp project to date.”
St. Marys, Georgia is experiencing a re-birth under its current
municipal leadership, seeking to reposition itself as a premier
waterfront community in southeastern Georgia, with easy access to
Cumberland Island by boat. Cumberland Island is the largest of
Georgia’s barrier islands, is undeveloped, and has been designated
as one of the most significant natural assets in the US.
The plans for the site will consist of approximately 1,280 units
made up of single family, multi-family, vacation and hospitality
use, as well as a host of modern amenities for residents and
guests, including a full-service marina and village, upscale
Eco-Tourism park inclusive of camping, yurts, cabins and
cottages.
The development is expected to commence site work in the 4th
quarter 2021, with initial deliveries of modular units expected in
3rd quarter of 2022.
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 Jacoby Development, Inc.
Jacoby Development, Inc. (JDI) is a commercial real estate
development firm with a 40-year track record of success. We have
built a national reputation for the successful redevelopment of
underutilized commercial and industrial sites. Our complex and
ambitious real estate development projects emphasize community,
livability and environmental stewardship. Today, Jacoby Development
is pursuing opportunities for mixed-use developments in unique
natural environments. Our active projects present unique
opportunities to redevelop underutilized sites in unique natural
settings. For more information, visit
www.JacobyDevelopment.com.
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
approximately 1,280 residential units on a 1,286 acre waterfront
parcel in St. Marys, Georgia, closing on the 1,286 acre waterfront
parcel occur prior to the end of Q2 2021, the project aiding the
Company in showcasing its technology to the world, allowing it to
focus on manufacturing, gross potential manufacturing revenue from
the project being approximately $180 million and commencing site
work in the 4th quarter 2021, with initial deliveries of modular
units expected in 3rd quarter of 2022. 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 the
waterfront parcel in St. Marys, Georgia 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, 2020 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/20210628005255/en/
Investors: Stephen Swett (203) 682-8377
investors@sgblocks.com
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