Safe and Green Development executes contract to sell Lago Vista site

Safe and Green Development announced the Company received and executed a commercial contract to sell the Company’s Lago Vista site to an unnamed buyer. The Lago Vista property is an approximately 60-acre waterfront property located on Lake Travis, Texas. After evaluating the current timeline of the joint offer and the purchase offer, the Company decided to sell the property to strategically reinforce its balance sheet. The closing of this transaction would result in approximately $5,000,000 of debt to be extinguished from the Company’s balance sheet and yield additional non-dilutive cash proceeds. The Lago Vista property was originally purchased by SG Devco’s subsidiary for $3.5 million in 2021. Pursuant to the terms of the contract, the sale transaction is expected to close after a 70-day due diligence period and a subsequent 30-day closing period.