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Harbor Custom Development, Inc. Contracts to Sell 144 Entitled Lots in Belfair, WA to Lennar for $10,440,000 - Land.Net News

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 sales contract with Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (NYSE:LEN), 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.

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