Gig Harbor, Washington , April 19, 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 entered into a construction contract to develop 99 lots with Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”), in phase 7 of Soundview Estates located in Bremerton, Washington.
Harbor Custom Homes® previously announced the contract for sale of the 99 undeveloped lots to Lennar on February 18, 2021 and today announced consummation of a construction contract with Lennar to install the infrastructure to develop the property for 99 single family homes on those lots. The two contracts have a combined value of $16,830,000.
Harbor has also announced the completion of infrastructure improvements on 240 lots at Soundview Estates, of which 215 were purchased by Lennar for single family home construction. With the addition of phase 7, Soundview Estates has grown to a 339-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and Puget Sound. Soundview Estates is less than a ten-minute drive to downtown Bremerton, the Seattle Ferry, and the Kitsap Naval Shipyard.
Soundview Estates can be seen at: https://vimeo.com/453127877.
“Lennar has been a great partner to work with and has met all our expectations by designing single family homes that meet the needs of residential buyers in Kitsap County. We look forward to delivering them the final 99 lots in Soundview Estates in 2022 and anticipate they will continue with their current success of constructing quality single family homes that capture the beauty of this unique setting,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up, and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title, and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LenX drives Lennar’s technology, innovation, and strategic investments. For more information about Lennar, please visit www.lennar.com.
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 beginning the second quarter of 2021. In the Sacramento metro market, Harbor will be constructing homes in completed subdivision 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.
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.