Safe and Green Development provides update on Lago Vista property

Safe and Green Development announces that the development activities are underway as MNO deposited the earnest money with the title company as per the terms of the contribution agreement and began conceptual design, construction pricing and market studies for the project. David Villarreal, President & CEO of Safe and Green Development Corporation stated, “This is truly an exciting time for us as we continue to move forward according to our initial timeframes and schedules in the development process of Lago Vista. We anticipate that Lago Vista will become a premier development.” The Lago Vista property was originally purchased by SG Devco’s subsidiary for $3.5 million in 2021. Pursuant to the terms of a previously disclosed contribution agreement, SG Devco’s subsidiary will contribute the property to a to be formed joint venture with an affiliate of MNO Partners and receive as consideration for the property contribution a membership interest in the JV valued at $11.5 million. MNO Partners will lead the development process and, after the completion of a feasibility period, will be required to submit permits for the first phase of the project within 11 months from the execution of the contribution agreement.