Harbor Custom Development, Inc. Acquires 48 Acres in Belfair, Washington for $3,915,000

Continues the Company’s Residential Expansion in (North) Mason County

March 8, 2021 7:00 AM EST

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Gig Harbor, Washington , March 08, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ: HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has closed on 48 acres currently in the entitlement process for 144 undeveloped lots located in Belfair, Washington.  The purchase price for the acquisition was $3,915,000.

The Belfair site, known as Olympic Ridge, represents Harbor’s expansion into (North) Mason County, which is adjacent to Kitsap County, where Harbor continues to develop numerous single-family residential communities as it has over the last six years.  Belfair is approximately 20 minutes from the Kitsap Naval Base, a major contributor to a robust defense economy with approximately 40,000 employees tied to the military and defense industry in the area. Harbor’s current plans for the site would result in the largest new single-family subdivision constructed in Mason County in the last decade.  Harbor plans to begin site development work on the 144-lot subdivision beginning in the second quarter of 2021.

“Belfair offers families traditional suburban and rural settings for home ownership while providing the convenience of a short commute to major employment opportunities.  The Olympic Ridge property is only a 20-minute commute to downtown Bremerton and the west coast’s largest Naval Base, and 45 minutes to downtown Tacoma, Washington.  When you combine the record low inventory in the Seattle/Tacoma Metro market with the pandemic induced urban flight to the less populated bedroom communities like Belfair, the metrics for a successful residential project are very compelling,” 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, and sales 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, and Allyn in the state of Washington. In addition, Harbor has acquired land and expects to begin constructing homes in the two new markets of the Dark Horse Golf Course community 50 miles northeast of Sacramento, California and established subdivisions approximately 22 miles from Austin, located in Driftwood and Dripping Springs, Texas, beginning in the second quarter of 2021.  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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Source: Harbor Custom Development, Inc.


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