Gig Harbor, Washington, July 06, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes®," or the "Company"), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has acquired 31 acres of commercial property for $4,750,000 in West Horseshoe Bay, Texas, located approximately 53 miles from Austin.
The acquisition includes a 2,800 square foot office building that Harbor Custom Homes is utilizing for its design, marketing, and sales center serving the Austin metro market. The Company successfully rezoned 28 acres of the property from commercial to residential use in June leaving a 1.5 acre area for a potential bank or other commercial user that would benefit future homeowners. Harbor plans to provide a variety of single family product ranging from 1,800 to 2,400 square foot cottages and villas to 4,000 to 5,000 square foot creek side homes on estate lots. Home buyers in the development will have the opportunity for membership at the Horseshoe Bay Resort (clubhsbresort.com) providing access to resort facilities including three golf courses, multiple clubhouses, a yacht club, lake facilities, and access to a private jet center with a 6,000-foot lighted runway. Horseshoe Bay has seen rapid growth because of Austin’s expanding employment base and the subsequent migration of households to the Lake and Hill Country regions.
“We are excited to acquire this unique property which provides Harbor Custom Homes a centralized office and sales center for the region. Austin’s rapid growth combined with decreasing inventory in the bedroom, rural, and destination resort communities like Horseshoe Bay provide a great opportunity for our company,” stated Sterling Griffin, President and CEO of Harbor Custom Homes.
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.