Harbor Custom Development, Inc. Enters Contract to Purchase 66 Entitled Lots in Poulsbo, Washington for $2,900,000

Gig Harbor, Washington , Dec. 20, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. 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  that it has entered into a contract with Laughlin Development, LLC, for the purchase of 66 undeveloped lots for $2,900,000 in Poulsbo, Washington.

Westry Village is a future 66 - unit townhome site located in College Market Place Northwest, a regional shopping center in Poulsbo, Washington.   https://www.westryvillage.com/ Harbor has contracted to purchase the project upon completion of the permitting process and issuance of site plan approval from the city of Poulsbo.  

 "This acquisition allows Harbor to continue expanding the company's footprint in Kitsap County, where we have had great success. Our objective is to begin vertical construction in Q4 of 2022" stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.

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; Austin, Texas and Punta Gorda, Florida. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair, Allyn, Port Orchard, Lacey, Burien, Yelm 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 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.

Investor Relations
Hanover International
IR@harborcustomdev.com
866-744-0974