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Harbor Custom Development, Inc. Contracts to Acquire 31 Acres for $4,750,000 in Austin Metro Housing Market

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Gig Harbor, Washington , April 29, 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 contracted to acquire 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 plans to utilize for its design, marketing and sales center serving the Austin metro market. Harbor anticipates rezoning most of the property from commercial to residential use in the third quarter of 2021. Following the rezone, Harbor plans to provide a variety of single family product ranging from 1,800 to 2,400 square feet cottages and villas, as well as 4,000 to 5,000 square feet 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, 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.

“Acquiring this property not only provides Harbor Custom Homes with the opportunity for a great mix of residential product in the inventory starved Austin metro market but also offers the Company a regional office in a highly desirable destination resort location to serve Harbor’s Austin based projects. Urban flight from Austin 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 beginning in the second quarter of 2021. 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.

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