TACOMA, Wash, March 09, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced that it anticipates receiving engineering approval in the fourth quarter of 2023 for the first phase of Grandis Pond, a 438-acre master-planned community in Blaine, Washington.
In its current configuration, Grandis Pond is comprised of 872 single-family lots, 120 multi-family units and approximately ten acres of dedicated neighborhood commercial space. The project is located on the Washington Canadian border 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, the 992-unit Grandis Pond development offers 200 acres dedicated to a mix of neighborhood parks, connecting trails, open space, and wildlife habitats, all situated within the foothills of the Cascade Mountains.
Harbor Custom Development’s President and CEO, Sterling Griffin stated, “We are excited to see the engineering progress on Grandis Pond, which is the largest project in our pipeline. This multiyear development has the scale to potentially attract some of the largest national builders in the country and could provide Harbor the opportunity to monetize certain neighborhoods in the master planned community 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 and apartment building, marketing, and sales 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 or convenient access to freeways and public transportation 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.
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “could,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” “potential,” and similar expressions, and 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.