Safe and Green Development Corporation has agreed to enter into a contribution agreement with an affiliate of MNO Partners to form a joint venture (the ?JV?) to develop the Lago Vista property. MNO Partners is a community-centric real estate development firm that sponsors vibrant, healthy, and active places to live in the Austin-San Antonio corridor. The cost to fully develop the property is estimated to be approximately $80 million dollars, which includes the development of the project from conception to completion.

The Lago Vista property was originally purchased by SG DevCo?s subsidiary for $3.5 million in 2021. Pursuant to the terms of a Contribution Agreement, SG DevCo?s subsidiary will contribute the property to the JV 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 the 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.

It is anticipated that the JV will secure construction financing, which is a condition to the closing of the JV. The primary focus during the early stages of design include luxury condos and the marina.