Harbor Custom Development Inc says it expects construction to begin in 2024 on a new luxury housing development in downtown Tacoma, Washington.
The land developer said it had inked a letter of intent (LOI) to buy 70 acres in the port city for $5.75 million to construct an urban multi-story apartment project of around 200 units.
"We are excited to expand our multi-family portfolio into the downtown Tacoma market," said Sterling Griffin, CEO of Harbor Custom, in a statement.
"The project will be our first pedestal-style apartment in an urban setting. In our opinion, it is a class A location that when completed, will garner top-of-the-market rents."
READ: Harbor Custom Development inks LOI to acquire 15-acre Washington State property
The proposed luxury multi-family project will provide expansive views of the Puget Sound and the Port of Tacoma while offering access to celebrated waterfront restaurants and parks, the company said.
Construction is expected to begin following the receipt of entitlements in 2024, the firm noted.
Real estate company Harbor Custom is involved in all aspects of land development, including acquisition, entitlements, construction, home building, marketing and managing projects.
It is focused on Western Washington's Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida.
It acquires land with scenic views to develop and sell residential lots, new home communities, and multi-story apartment properties within a 20 to 60-minute commute of the nation's fastest-growing metro employment corridors.
Contact the writer at giles@proactiveinvestors.com