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 that it has entered into a contract with JIBA Family, LP and Bayonet Point Holdings, LLC for the purchase of 60 acres in Hudson, Florida for $7,400,000.
Located near Hernando Beach in the rapidly growing area of Hudson, Florida, the 60-acre parcel is a 35-minute commute to downtown Tampa Bay with a metro area population of more than three million residents. The property will support approximately 325 rental units, has freeway visibility, and can be accessed from HWY 52 and US 19 with a traffic count of approximately 62,000 cars a day. Future multi-family apartment tenants will have immediate access to outdoor recreation at the adjacent Werner-Boyce Sate Park https://www.floridastateparks.org/parks-and-trails/werner-boyce-salt-springs-state-park, Hudson Nature trail, and Hernando Beach.
"We are excited to expand our Florida footprint into the Tampa Bay MSA. 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," stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.