SG Blocks has closed on the 114-acre McLean mixed-use site in Durant, Okla.
The firm anticipates building approximately 300 residential units and up to 680,000 square feet of industrial manufacturing space on the mixed-use property. The site property was acquired with funds generated from the company’s operating cash flow.
The overall project financing is expected to include company equity, bank debt and local government incentives. The total costs to develop the 114-acre project is estimated approximately $200 million, which includes design, site work and delivery of units.
“This project epitomizes what we look for in a development opportunity, a clean and level site, with the manufacturing location in close proximity to the residential site,” Paul Galvin, chairman and CEO of SG Blocks explained. “Our platform is designed to earn revenue from development activities, manufacturing buildings and residential units, asset sales and rental income. Our system
