Harbor Custom Development, Inc. Contracts to Develop 99 Lots in Soundview Estates for Lennar Increasing Harbor’s Total Contract Value to $16,830,000

Gig Harbor, Washington , April 19, 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 entered into a construction contract to develop 99 lots with Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”),  in phase 7 of Soundview Estates located in Bremerton, Washington.

Harbor Custom Homes previously announced the contract for sale of the 99 undeveloped lots to Lennar on February 18, 2021 and today announced consummation of a construction contract with Lennar to install the infrastructure to develop the property for 99 single family homes on those lots. The two contracts have a combined value of $16,830,000. 

Harbor has also announced the completion of infrastructure improvements on 240 lots at Soundview Estates, of which 215 were purchased by Lennar for single family home construction. With the addition of phase 7, Soundview Estates has grown to a 339-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and Puget Sound. Soundview Estates is less than a ten-minute drive to downtown Bremerton, the Seattle Ferry, and the Kitsap Naval Shipyard.

Soundview Estates can be seen at:  https://vimeo.com/453127877.

“Lennar has been a great partner to work with and has met all our expectations by designing single family homes that meet the needs of residential buyers in Kitsap County.  We look forward to delivering them the final 99 lots in Soundview Estates in 2022 and anticipate they will continue with their current success of constructing quality single family homes that capture the beauty of this unique setting,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.

About Lennar Corporation

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up, and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title, and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Len^X drives Lennar's technology, innovation, and strategic investments. For more information about Lennar, please visit www.lennar.com.