Benzinga | Apr 29, 2021 07:33AM EDT

Harbor Custom Development Acquires 31 Acres In Austin Metro Housing Market For $4.75M

Gig Harbor, Washington , April 29, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes(r)," 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.