Harbor Custom Development, Inc. Enters LOI to Purchase Land for Luxury Urban Tacoma 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 it has signed a letter of intent to purchase .70 acres of land in Tacoma for $5,750,000 million to construct an urban multi-story apartment project of approximately 200 units.

Located on Broadway in downtown Tacoma the proposed luxury multi-family project will provide expansive views of the Puget Sound and the Port of Tacoma, while offering convenient access to celebrated waterfront restaurants and renowned parks. Upon successful completion of the Company’s due diligence and closing of the property, it is anticipated construction will begin following the receipt of entitlements in 2024.

“We are excited to expand our multi-family portfolio into the downtown Tacoma market. The project will be our first pedestal-style apartment in an urban setting. In our opinion, it is a class A location that when completed, will garner top-of-the-market rents,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.

Located on Broadway in downtown Tacoma the proposed luxury multi-family project will provide expansive views of the Puget Sound and the Port of Tacoma.

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 and apartment building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida. As a land developer and builder of apartments, and single-family luxury homes, 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 acquiring land with scenic views to develop and sell residential lots, new home communities, and multi-story apartment properties within a 20 to 60-minute commute of the nation’s fastest-growing metro employment corridors. Harbor is leading the real estate industry as the first national land developer and home builder accepting payment in the form of cryptocurrency for its listed land, developed lots, residential homes, and apartments.

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.

Investor Relations
Hanover International

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