NEW YORK--(BUSINESS WIRE)--SG Blocks, Inc. (NASDAQ: SGBX) a leading designer, innovator and fabricator of container-based structures, announced today that its wholly owned subsidiary, SGB Development Corp., has executed a contract to acquire and develop an approximately 7-acre site in Austin, Texas, which is expected to yield a maximum of 225 condo units that will be sold at market rates. The project is “as of right” and is anticipated to start in Q3 2021 after the planning and approval process.
The project will be funded by third party debt and equity sources and will be fabricated at SG Echo, the Company’s manufacturing plant, in Durant, Oklahoma. Upon completion, the net profit on the sale of the condo units is estimated to be in excess of $20 million. Units will be built modularly and will target young professionals, millennials, and those looking for waterfront living.
“We love the Austin market, our site on the Travis River will provide exceptional apartments and lifestyles, in a city many see as the next Silicon Valley,” Paul Galvin, Chairman and CEO noted. “Our shareholders already benefit from the design build and manufacturing phase of development projects. We are now able to capture and integrate revenue from asset sale and rental income.”
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.