TACOMA, Wash., Oct. 31, 2022 (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 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 site is ideally suited for garden-style apartments. The property is conveniently located with easy access to the I-5 corridor, retail services, and approximately 20 minutes from the Cascade Industrial Center, a 4,000-acre manufacturing and industrial zone that is anticipated to add an additional 20,000 family-wage jobs over the next decade. Commencement of construction on the multi-family project is estimated to begin in 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,” 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 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.
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.