Harbor Custom Development, Inc. Enters Contract to Purchase 60 Acre Townhome site in Tamp Bay, Florida Metro Market for $7,400,000

Gig Harbor, Washington , Dec. 29, 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 with JIBA Family, LP and Bayonet Point Holdings, LLC for the purchase of 60 acres in Hudson, Florida for $7,400,000.  

Located near Hernando Beach in the rapidly growing area of Hudson, Florida, the 60-acre parcel is a 35-minute commute to downtown Tampa Bay with a metro area population of more than three million residents.  The property will support approximately 325 rental units, has freeway visibility, and can be accessed from HWY 52 and US 19 with a traffic count of approximately 62,000 cars a day. Future multi-family apartment tenants will have immediate access to outdoor recreation at the adjacent Werner-Boyce Sate Park https://www.floridastateparks.org/parks-and-trails/werner-boyce-salt-springs-state-park, Hudson Nature trail, and Hernando Beach.

“We are excited to expand our Florida footprint into the Tampa Bay MSA. Purchasing entitled land in the fastest growing regions of the U.S. that is commutable to the urban core is our primary acquisition strategy. Entitled land provides us great flexibility allowing the Company to quickly move forward with project development while providing the opportunity to monetize our real estate assets early in the development cycle,” 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, 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.