Harbor Custom Development, Inc. Completes Letter of Intent to Purchase Land for Tacoma Urban Luxury Apartment Site for $5.75 Million
TACOMA, Wash., Nov. 16, 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 that it has signed a letter of intent to purchase 0.70 acres of land in Tacoma for 5 $750,000 million to build a multi-storey urban apartment project of approximately 200 units.
Located on Broadway in downtown Tacoma, the proposed luxury multi-family project will offer stunning views of the Puget Sound and Tacoma Harbor, while providing convenient access to famous waterfront restaurants and renowned parks. Following the successful completion of the Company’s due diligence and closure of the property, it is expected that construction will commence following receipt of rights in 2024.
“We are excited to expand our multi-family portfolio to the downtown Tacoma market. The project will be our first pedestal-style apartment in an urban setting. In our view, this is a Class A location that when completed will generate some of the best rents in the market,” said Sterling Griffin, President and CEO of Harbor Custom Development, Inc.
Located on Broadway in downtown Tacoma, the proposed luxury multi-family project will offer stunning views of the Puget Sound and Tacoma Harbor.
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, rights, construction of project infrastructure, construction of houses and apartments , marketing, sales and management of various residential projects in Western Washington. Puget Sound area; Sacramento, California; Austin, Texas and Punta Gorda, Florida. As a real estate developer and builder of luxury apartments and single family homes, Harbor Custom Development’s business strategy is to strategically acquire and develop land based on an understanding of population growth patterns, restrictions rights, infrastructure development and geo-economic forces. Harbor is focused on acquiring land with scenic views to develop and sell residential land, new residential communities and multi-story apartments within a 20-60 minute drive of metro job corridors to the growth la fastest in the country. Harbor is leading the real estate industry as the first real estate developer and home builder to accept payment in the form of cryptocurrency for its listed land, developed land, residences and apartments.
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may”, “could”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “continue”, “predict”, “anticipate”, “project” , “plan”, “Intent” or similar expressions, or statements regarding intent, belief or current expectations, are forward-looking statements. These forward-looking statements are based on current estimates and assumptions. Although the Company believes these forward-looking statements to be reasonable, undue reliance should not be placed on these forward-looking statements, which are based on information available to us as of 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. Therefore, actual results could differ materially. The Company expressly disclaims any obligation to update or change any statements, whether as a result of new information, future events or otherwise, except as required by law.