Harbor Custom Development Inc announced that it has executed a letter of intent (LOI) for the acquisition of 15 acres in Stanwood, Washington for a total purchase price of $4.59 million.
The land developer and home builder said with the pending acquisition the company continues to expand its multi-family pipeline with a potential 175-200 unit garden-style apartment site in the North Seattle commuter job market.
“We are excited for the opportunity to extend our Western Washington footprint and build our first multi-family project in Snohomish County,” Harbor Custom Development CEO Sterling Griffin said in a statement.
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“The accessibility to the I-5 corridor combined with a one-hour drive to Seattle provides two key metrics for a successful project,” Griffin added.
Harbor Custom noted that construction on the multi-family project is anticipated to begin in the first quarter of 2024 following the completion of entitlements.
The company added that the property is about 20 minutes from the Cascade Industrial Center, a 4,000-acre manufacturing and industrial zone that is anticipated to add an additional 20,000 family-wage jobs over the next decade.
Harbor Custom is involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington's Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida. The company is a land developer and builder of apartments, condominiums, single-family homes and luxury homes.
Contact Sean at sean@proactiveinvestors.com