Safe and Green Development Corporation Provides Update On Lago Vista Property With $11.5M Contribution Agreement
Portfolio Pulse from Benzinga Newsdesk
Safe and Green Development Corporation (NASDAQ:SGD), also known as SG Devco, has announced progress on the Lago Vista property development. MNO Partners has deposited earnest money and begun preliminary work as per a contribution agreement. SG Devco's subsidiary acquired the property for $3.5 million in 2021 and will contribute it to a joint venture with MNO Partners, receiving a membership interest valued at $11.5 million. MNO Partners will lead the development and is expected to secure construction financing as a closing condition of the JV.

December 14, 2023 | 2:11 pm
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SG Devco has made significant progress on the Lago Vista property, with MNO Partners fulfilling initial agreement terms and moving forward with development plans. The property's contribution to a JV is valued at $11.5 million, a substantial increase from its original purchase price of $3.5 million.
The news indicates a positive development for SG Devco, as the Lago Vista project is advancing with the contribution agreement being executed. The valuation of the property at $11.5 million represents a significant appreciation from its original purchase price, which could be viewed positively by investors. The involvement of MNO Partners and the anticipated construction financing also add credibility to the project's potential success. However, the actual impact on the stock price will depend on market perception of the project's future profitability and the successful execution of subsequent development phases.
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