Harbor Custom Development Inc announced that it has acquired Grandis Pond — a 438-acre master-planned community in Blaine — on the Washington-Canadian border for $14 million.
The Gig Harbor, Washington-based company said that Grandis Pond is the largest project the company has contracted for purchase to date and will nearly double its current inventory.
Harbor told its investors that a mix of residential housing with up to 997 single and multi-family housing units and around 48,000 square feet of neighborhood commercial space will be added with the new acquisition.
The project is 33 miles from downtown Vancouver, British Columbia, a city that has a metro market population of nearly three million.
READ: Harbor Custom Development enters preliminary commitment with Broadmark Realty Capital for $19.1M construction loan
“This project will help alleviate the residential inventory shortage in Blaine and Whatcom County, Washington, and Vancouver, British Columbia, and will significantly increase our position in these growing markets,” said Sterling Griffin, Harbor Custom Development’s CEO in a statement.
He added: “The multiyear project is a major step forward for the company as it allows us to meet our short and long term revenue objectives, offers multiple product types and provides for the opportunity to monetize sections of the masterplan early in the development cycle.”
Designed to take maximum advantage of the surrounding natural beauty, Grandis Pond offers 200 acres dedicated to a mix of neighborhood parks, connecting trails, open space, wildlife habitats, all situated within the foothills of the Cascade Mountains, the company said in the statement.
Harbor Custom Development is a real estate development company involved in all aspects of the land development cycle of various residential projects in Western Washington's Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida.
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