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.