TACOMA, Wash., Oct. 31, 2022 (GLOBE NEWSWIRE) — Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an progressive and market main actual property firm concerned in all facets of the land improvement cycle, in the present day introduced it has executed a letter of intent for the acquisition of 15 acres in Stanwood, Washington for $4,590,000.
Located 53 miles north of Seattle in Snohomish County, the Stanwood website is ideally fitted to garden-style flats. The property is conveniently positioned with easy accessibility to the I-5 hall, retail companies, and roughly 20 minutes from the Cascade Industrial Center, a 4,000-acre manufacturing and industrial zone that’s anticipated to add an extra 20,000 family-wage jobs over the following decade. Commencement of building on the multi-family venture is estimated to start within the first quarter of 2024 following the completion of entitlements.
“We are excited for the opportunity to extend our Western Washington footprint and build our first multi-family project in Snohomish County. The accessibility to the I-5 corridor combined with a one-hour drive to Seattle provides two key metrics for a successful project,” acknowledged Sterling Griffin, President and CEO of Harbor Custom Development, Inc.
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. is an actual property improvement firm concerned in all facets of the land improvement cycle together with land acquisition, entitlements, building of venture infrastructure, house and condo constructing, advertising and marketing, gross sales, and administration of numerous residential initiatives in Western Washington’s Puget Sound area; Sacramento, California; Austin, Texas and Punta Gorda, Florida. As a land developer and builder of flats, and single-family luxurious properties, Harbor Custom Development’s business technique is to purchase and develop land strategically based mostly on an understanding of inhabitants progress patterns, entitlement restrictions, infrastructure improvement, and geo-economic forces. Harbor focuses on buying land with scenic views to develop and promote residential heaps, new house communities, and multi-story condo properties inside a 20 to 60-minute commute of the nation’s fastest-growing metro employment corridors. Harbor is main the actual property business as the primary nationwide land developer and residential builder accepting fee within the type of cryptocurrency for its listed land, developed heaps, residential properties, and flats.
Forward-Looking Statements
Certain statements on this press launch represent “forward-looking statements” inside the which means of the federal securities legal guidelines. Words equivalent to “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or related expressions, or statements concerning intent, perception, or present expectations, are forward-looking statements. These forward-looking statements are based mostly upon present estimates and assumptions. While the Company believes these forward-looking statements are cheap, undue reliance shouldn’t be positioned on any such forward-looking statements, that are based mostly on info out there to us on the date of this launch. These forward-looking statements are topic to numerous dangers and uncertainties, together with with out limitation these set forth within the Company’s filings with the Securities and Exchange Commission. Thus, precise outcomes might be materially totally different. The Company expressly disclaims any obligation to replace or alter statements whether or not because of this of new info, future occasions or in any other case, besides as required by regulation.
Investor Relations
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