Harbor Custom Development, Inc. Closes 189 Unit Oceanfront Condominium Site in Punta Gorda, Florida for $4,700,000
August 10 2021 - 9:30AM
Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,”
or the “Company”), (NASDAQ:HCDI, HCDIP, HCDIW), an innovative and
market leading real estate company involved in all aspects of the
land development cycle, today announced that it closed on a 40+
acre oceanfront parcel in Punta Gorda, Florida for $4,700,000 for
the purpose of constructing 189 oceanfront condominium units.
Located approximately 24 miles from Fort Myers,
Florida, at 115 N Marion Court in Punta Gorda, the oceanfront
property provides Harbor Custom Homes® the opportunity to construct
upscale waterfront condominiums in one of the strongest real estate
markets in Southwest Florida. The population of the Cape
Coral - Fort Myers metro area is approximately 790,000. The
project consists of 189 one- and two-bedroom units that will range
in size from approximately 1,400 to 1,750 square feet. It is
anticipated that the condominiums will be priced from $500,000 to
$650,000 and that the first units should be available for pre-sale
in the fourth quarter of 2022. The site has immediate access to
outdoor recreational activities and is adjacent to the Ponce De
Leon Park
(https://www.ci.punta-gorda.fl.us/visitors/ponce-de-leon-park). The
Park’s amenities include a boat ramp, fishing piers, mangrove
boardwalk, playground, open air chapel area, and picnic pavilion.
The Park also has a sandy beach area that is popular for watching
the sunset and the boats cruising in and out of the channel in
Punta Gorda Isles’ canal system.
Sterling Griffin, President and CEO of Harbor,
stated, “Acquiring land in the Southwest Florida market has been a
major objective for our company. The Punta Gorda purchase
represents a major milestone for Harbor Custom Homes® and allows
the Company to expand into one of the fastest growing regions in
the country.”
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. is a real estate
development company involved in all aspects of the land development
cycle including land acquisition, entitlements, construction of
project infrastructure, home building, marketing, sales, and
management of various residential projects in Western Washington's
Puget Sound region; Sacramento, California; and Austin, Texas.
Harbor has active or recently sold-out residential communities in
Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair,
Allyn, Port Orchard, and Blaine in the state of Washington. In
addition, Harbor has acquired land and will begin constructing
homes in three new markets. In the Sacramento metro market, Harbor
will be constructing homes in completed subdivisions in both
Rocklin and Auburn, California. In the Austin metro market, Harbor
has acquired developed lot inventory in Dripping Springs,
Driftwood, and Horseshoe Bay, Texas. The Company has recently
acquired property in Punta Gorda, Florida, and plans to begin
construction of oceanfront condominiums there in 2022. Harbor
Custom Development's business strategy is to acquire and develop
land strategically, based on an understanding of population growth
patterns, entitlement restrictions, infrastructure development, and
geo-economic forces. Harbor focuses on real estate within
target markets with convenient access to metropolitan areas that
are generally characterized by diverse economic and employment
bases and increasing populations. For more information on
Harbor Custom Development, Inc., please
visit www.harborcustomdev.com.
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
federal securities laws. Words such as “may,” “might,”
“should,” “believe,” “expect,” “anticipate,” “estimate,”
“continue,” “predict,” “forecast,” “project,” “plan,” “intend” or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions. While the Company believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These
forward-looking statements are subject to various risks and
uncertainties, including without limitation those set forth in the
Company’s filings with the Securities and Exchange
Commission. Thus, actual results could be materially
different. The Company expressly disclaims any obligation to
update or alter statements whether as a result of new information,
future events or otherwise, except as required by law.
Investor Relations
Hanover International
IR@harborcustomdev.com
866-744-0974
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