Announces first deal with CMC Development Group, The Ridge Avenue Project, a 100-unit building in Peoplestown, Atlanta GA with Grimshaw performing schematic design
SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, fabricator and innovator of container-based structures (“SG Blocks), today announced that it has partnered with CMC Development Group/Creative Container and Spaces/Eco Development LLC (hereinafter referred to as “CMC Development Group” or “CMC”) on a 100 unit building in Atlanta, known as The Ridge Avenue project – a $15.0 million affordable housing project. Ridge Avenue is the first deal of a new partnership between SG Blocks and CMC, which provides exclusive right of first refusal access to CMC’s deals and pipeline, subject to reasonable limits. In exchange for access to CMC’s backlog and pipeline projects and recommendation of SG Blocks to other businesses, SG Blocks will provide CMC 50,000 restricted stock units vesting over 2-years. The Ridge Avenue project is a residential project subject to SG Blocks’ recently announced license agreement with CPF MF 2019-1 LLC (“CPF MF”). As a result, CPF MF will arrange for the design build of the container based modular building for the project and SG Blocks will be entitled to the related fees under the license agreement.