Benzinga | Jun 28, 2021 08:49AM EDT

SG Blocks's SGB Development Corp. Acquires 10% Equity Interest In JDI-Cumberland Inlet For $3M

SG Blocks, Inc. (NASDAQ:SGBX) ("SG Blocks" or the "Company"), a leading designer, innovator and fabricator of modular structures, announced today that its development subsidiary, SGB Development Corp. ("SG DevCorp"), has acquired a 10% non-dilutable equity interest in JDI-Cumberland Inlet, LLC, a Georgia limited liability company, contributing $3,000,000 in capital to develop Cumberland Inlet, a 1,286 acre waterfront parcel in historic downtown St. Marys, Georgia. SG DevCorp in conjunction with Jacoby Development of Atlanta, Georgia expects to develop a mixed-use destination community. The closing on the 1,286 acre waterfront parcel is scheduled to occur prior to the end of Q2 2021.