Harbor Custom Development, Inc. Enters Contract to Purchase 60 Acre Townhome site in Tamp Bay, Florida Metro Market for $7,400,000
December 29 2021 - 8:30AM
Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative
and market leading real estate company involved in all aspects of
the land development cycle, today announced that it has
entered into a contract with JIBA Family, LP and Bayonet Point
Holdings, LLC for the purchase of 60 acres in Hudson, Florida for
$7,400,000.
Located near Hernando Beach in the rapidly
growing area of Hudson, Florida, the 60-acre parcel is a 35-minute
commute to downtown Tampa Bay with a metro area population of more
than three million residents. The property will support
approximately 325 rental units, has freeway visibility, and can be
accessed from HWY 52 and US 19 with a traffic count of
approximately 62,000 cars a day. Future multi-family apartment
tenants will have immediate access to outdoor recreation at the
adjacent Werner-Boyce Sate Park
https://www.floridastateparks.org/parks-and-trails/werner-boyce-salt-springs-state-park,
Hudson Nature trail, and Hernando Beach.
“We are excited to expand our Florida footprint
into the Tampa Bay MSA. Purchasing entitled land in the fastest
growing regions of the U.S. that is commutable to the urban core is
our primary acquisition strategy. Entitled land provides us great
flexibility allowing the Company to quickly move forward with
project development while providing the opportunity to monetize our
real estate assets early in the development cycle,” stated Sterling
Griffin, President and CEO of Harbor Custom Development, Inc.
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; Austin, Texas and Punta
Gorda, Florida. Harbor has active or recently sold-out residential
communities in Gig Harbor, Bremerton, Silverdale, Bainbridge
Island, Belfair, Allyn, Port Orchard, Lacey, Burien, Yelm 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 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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