Harbor Custom Development Inc said it has entered into a contract with JIBA Family LP and Bayonet Point Holdings LLC for the purchase of 60 acres in Hudson, Florida for $7.4 million.
The company said the 60-acre parcel is a 35-minute commute to downtown Tampa Bay with a metro area population of more than three million residents.
The property will support about 325 rental units, has freeway visibility, and can be accessed from Highway 52 and US 19 with a traffic count of some 62,000 cars a day. Future multi-family apartment tenants will have immediate access to outdoor recreation at the adjacent Werner-Boyce State Park.
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“We are excited to expand our Florida footprint into the Tampa Bay MSA,” said Harbor Custom Development CEO Sterling Griffin in a statement.
“Purchasing entitled land in the fastest growing regions of the U.S. that is commutable to the urban core is our primary acquisition strategy. Entitled land provides us great flexibility allowing the Company to quickly move forward with project development while providing the opportunity to monetize our real estate assets early in the development cycle.”
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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