HCDI - Harbor Custom Development signs contract to purchase Townhome site in Tamp Bay

Harbor Custom Development (NASDAQ:HCDI) entered into a contract with JIBA Family, LP and Bayonet Point for the purchase of 60 acres in Hudson, Florida for $7.4M. The property will support ~325 rental units, has freeway visibility, and can be accessed from HWY 52 and US 19 with a traffic count of ~62K cars a day. "Purchasing entitled land in the fastest growing regions of the U.S. that is commutable to the urban core is our primary acquisition strategy. Entitled land provides us great flexibility allowing the Company to quickly move forward with project development while providing the opportunity to monetize our real estate assets early in the development cycle," President and CEO Sterling Griffin commented.

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Harbor Custom Development signs contract to purchase Townhome site in Tamp Bay