SGB Development Corp. Takes 10% Stake in JDI-Cumberland Inlet LLC to Develop 1,286-Acre Waterfront in St. Marys, Georgia
June 28, 2021
SGB Development Corp. (the development subsidiary of SG Blocks, Inc.) acquired a 10% non-dilutable equity interest in JDI-Cumberland Inlet, LLC, contributing $3.0 million to develop Cumberland Inlet, a 1,286-acre waterfront mixed-use project in St. Marys, Georgia. The project will deliver roughly 1,280 modular residential, hospitality and vacation units in partnership with Jacoby Development, and SG Blocks estimates approximately $180 million of gross potential manufacturing revenue tied to the build; site work was expected to begin in Q4 2021 with initial modular deliveries in Q3 2022.
- Buyers
- SGB Development Corp. (SG DevCorp)
- Targets
- JDI-Cumberland Inlet, LLC
- Industry
- Real Estate
- Location
- Georgia, United States
- Transaction Type
- Growth capital
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