Harbor Custom Development, Inc. Contracts to Acquire 997-Unit Master Planned Community in Vancouver, BC Metro Market for $14,000,000
Gig Harbor, Washington , Dec. 03, 2021 (GLOBE NEWSWIRE) — 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 to acquire Grandis Pond, a 438-acre master-planned community in Blaine, Washington on the Washington/Canadian border for $14,000,000.
Grandis Pond is the largest project Harbor has contracted for purchase to date and will nearly double the Company’s current inventory by adding a mix of residential housing with up to 997 single and multi-family housing units and approximately 48,000 square feet of neighborhood commercial space. The project is located 33 miles from downtown Vancouver, British Columbia, a city that has a metro market population of nearly three million.
Designed to take maximum advantage of the surrounding natural beauty, Grandis Pond offers 200 acres dedicated to a mix of neighborhood parks, connecting trails, open space, wildlife habitats, all situated within the foothills of the Cascade Mountains. Residents of Grandis Pond will have immediate access to outdoor recreation including, hiking in the nearby Cascades, pleasure boating, and top tier salmon fishing in Puget Sound.
Harbor Custom Development’s President and CEO, Sterling Griffin said, “We are pleased to announce the Company has entered into a contract to complete the Grandis Pond master plan. This project will help alleviate the residential inventory shortage in Blaine and Whatcom County, Washington, and Vancouver, British Columbia, and will significantly increase our position in these growing markets. The multiyear project is a major step forward for the Company as it allows us to meet our short and long term revenue objectives, offers multiple product types and provides for the opportunity to monetize sections of the masterplan early in the development cycle.”
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.
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