Benzinga | Jun 2, 2021 08:46AM EDT

SGB Development Corp. Acquires Membership Interest To Build 70,000 Sq. Ft. Affordable Housing Entity In Atlanta; Terms Not Disclosed

Company plans to build 70,000 SF residential apartment complex in the greater Atlanta area for affordable housing units.

SG Blocks, Inc. (NASDAQ:SGBX) ("SG Blocks" or the "Company"), a leading designer, innovator and fabricator of container-based structures, announced today that SGB Development Corp. ("SGB DevCorp"), a subsidiary of SG Blocks, has acquired a membership interest to build 70,000 sq. ft of affordable housing in the Atlanta, Georgia metropolitan area to be known as "Norman Berry Village". SGB DevCorp has partnered with CMC, a New York City-based real estate development firm with national expertise, with ZT Architecture & Land Development and Community Development Consortium providing design build services. CMC has previously engaged SG Blocks to complete a design build project known as Ridge Avenue, also in Atlanta, which is currently in the planning stage.