Benzinga | Jul 26, 2021 09:31AM EDT

Harbor Custom Development Contracts To Sell 144 Entitled Lots In Belfair, WA To Lennar For $10.44M

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 entered into a sales contract with Lennar Northwest, Inc., a subsidiary of the Lennar Corporation ("Lennar"), for $10,440,000 on 144 entitled lots in Olympic Ridge located in Belfair, Washington. Harbor Custom Homes further announced that it has separately contracted with Lennar to develop the Olympic Ridge lots for an additional $10,880,000 bringing the combined contracted value to $21,240,000.

Olympic Ridge, located in the town of Belfair in North Mason County, is a 144-lot residential subdivision providing panoramic views of Puget Sound and the Olympic Mountains. Belfair is approximately 15 minutes to downtown Bremerton, the Seattle ferry, and the Kitsap Naval Base, a major contributor to a robust defense economy with approximately 40,000 employees tied to the military and defense industry in the area.

"We are excited to continue our relationship with Lennar at the Olympic Ridge subdivision and look forward to delivering them the 144 lots in 2022. We anticipate Lennar will continue with their current success of constructing high-quality single-family homes that will capture the beauty of this unique setting." stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.