Harbor Custom Development, Inc. Enters LOI to Purchase Land for Luxury Urban Tacoma Apartment Site for $5.75 Million
November 16 2022 - 1:21PM
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 it has signed a letter of intent to purchase .70
acres of land in Tacoma for $5,750,000 million to construct an
urban multi-story apartment project of approximately 200 units.
Located on Broadway in downtown Tacoma the
proposed luxury multi-family project will provide expansive views
of the Puget Sound and the Port of Tacoma, while offering
convenient access to celebrated waterfront restaurants and renowned
parks. Upon successful completion of the Company’s due diligence
and closing of the property, it is anticipated construction will
begin following the receipt of entitlements in 2024.
“We are excited to expand our multi-family
portfolio into the downtown Tacoma market. The project will be our
first pedestal-style apartment in an urban setting. In our opinion,
it is a class A location that when completed, will garner
top-of-the-market rents,” stated Sterling Griffin, President and
CEO of Harbor Custom Development, Inc.
Located on Broadway in downtown Tacoma the
proposed luxury multi-family project will provide expansive views
of the Puget Sound and the Port of Tacoma.
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 and apartment building, marketing,
sales, and management of various residential projects in Western
Washington's Puget Sound region; Sacramento, California; Austin,
Texas and Punta Gorda, Florida. As a land developer and builder of
apartments, and single-family luxury homes, 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 acquiring land with scenic
views to develop and sell residential lots, new home communities,
and multi-story apartment properties within a 20 to 60-minute
commute of the nation's fastest-growing metro employment corridors.
Harbor is leading the real estate industry as the first national
land developer and home builder accepting payment in the form of
cryptocurrency for its listed land, developed lots, residential
homes, and apartments.
Forward-Looking
StatementsCertain 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 RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
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