Harbor Custom Development, Inc. Acquires 219 acres for $14,300,000 in Vancouver BC Metro Market

Gig Harbor, Washington , June 29, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (NASDAQ: HCDI, HCDIP, HCDIW) (“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 acquired 219 acres for $14,300,000 adjacent to the Semiahmoo resort in Blaine, Washington (https://www.semiahmoo.com/) and approximately 39 miles from Vancouver, British Columbia. 

Vancouver, British Columbia, with a metro market population of 2,700,000, is just over an hour's drive from the Horizon subdivision. The U.S.-Canadian border has been closed for non-essential travel because of Covid 19 since March 2020. The Canadian government announced on June 21 that, beginning July 5, the border will re-open for fully vaccinated travelers. “We are excited to enter the Vancouver BC metro market allowing Harbor to offer our residential product to both U.S. and Canadian buyers. Expanding our Washington state footprint into Whatcom County is a natural progression of our strategy to provide housing in suburbs that are a commutable distance to a core job market,” stated Sterling Griffin, President and CEO of Harbor Custom Homes. “Once the border reopens, we believe it will put substantial pressure on the limited inventory of available housing in Blaine, located in Whatcom County, Washington, and provide us a significant and unprecedented housing opportunity,” further stated Sterling Griffin.

The 219 acres consists of 71 residential lots with water views previously developed and approved in the Horizon at Semiahmoo subdivision, an additional 75 to 80 proposed but undeveloped view lots in Horizon division 2, and 37 adjacent acres anticipated to generate 80 residential lots of which approximately 20 are expected to have frontage on the Semiahmoo golf course. “Upon completion of development, the acquisition of the Horizon subdivision and associated property provides us the flexibility to sell finished lots with panoramic views of Birch Bay and the Cascade Mountains or build out the subdivisions with homes with an expected price range of $600,000 to $1,000,000,” stated Jeff Habersetzer, Chief Operating Officer.

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; and Austin, Texas. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. In addition, Harbor has acquired land and will begin constructing homes in two 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. 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.

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