Gig Harbor, Washington , Aug. 10, 2021 (GLOBE NEWSWIRE) — Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI, HCDIP, HCDIW), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it closed on a 40+ acre oceanfront parcel in Punta Gorda, Florida for $4,700,000 for the purpose of constructing 189 oceanfront condominium units.

Located approximately 24 miles from Fort Myers, Florida, at 115 N Marion Court in Punta Gorda, the oceanfront property provides Harbor Custom Homes® the opportunity to construct upscale waterfront condominiums in one of the strongest real estate markets in Southwest Florida.  The population of the Cape Coral – Fort Myers metro area is approximately 790,000. The project consists of 189 one- and two-bedroom units that will range in size from approximately 1,400 to 1,750 square feet. It is anticipated that the condominiums will be priced from $500,000 to $650,000 and that the first units should be available for pre-sale in the fourth quarter of 2022. The site has immediate access to outdoor recreational activities and is adjacent to the Ponce De Leon Park (https://www.ci.punta-gorda.fl.us/visitors/ponce-de-leon-park). The Park’s amenities include a boat ramp, fishing piers, mangrove boardwalk, playground, open air chapel area, and picnic pavilion. The Park also has a sandy beach area that is popular for watching the sunset and the boats cruising in and out of the channel in Punta Gorda Isles’ canal system.

Sterling Griffin, President and CEO of Harbor, stated, “Acquiring land in the Southwest Florida market has been a major objective for our company. The Punta Gorda purchase represents a major milestone for Harbor Custom Homes® and allows the Company to expand into one of the fastest growing regions in the country.”

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, Belfair, Allyn, Port Orchard, 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 has 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.