Harbor Custom Development, Inc.
HCDIQ
Other OTC0.00
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Harbor Custom Development, Inc.
HCDIQ
(Other OTC)
Recent
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ROIC.AI
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- Harbor Custom Development, Inc. is a real estate development company engaged in the full land development cycle, including land acquisition, entitlements, development, construction of project infrastructure, vertical construction of single-family and multi-family residential properties, marketing, and sales. The company offers residential lots, home communities, townhomes, and multi-story apartment properties, and operates through segments such as homes, developed lots, entitled land, multi-family projects, and fee-build services to construct infrastructure for housing developments. Harbor Custom Development owns or controls approximately 15 communities across Washington, California, Texas, and Florida, encompassing roughly 517 units or lots in various development stages. Founded in 2014 and headquartered in Tacoma, Washington, Harbor Custom Development focuses on developing properties within growing metro employment corridors and scenic landscapes, under the trade name Harbor Custom Homes. The company aims to deliver quality craftsmanship with modern designs supporting contemporary lifestyles. Its multi-family properties feature amenities comparable to new construction homes, including quartz countertops, stainless steel appliances, in-unit laundry, and high-quality flooring. In recent major developments, Harbor Custom Development filed for Chapter 11 bankruptcy protection in December 2023 and subsequently announced plans to wind down operations and voluntarily liquidate all assets through an approved Chapter 11 Plan. To maximize value in the liquidation process, the company retained Keen-Summit Capital Partners LLC, a real estate brokerage and investment banking firm, to manage the sale of its multi-family property portfolio. This portfolio includes projects such as Belfair View Apartments, Bridgeview Trail Apartments, Meadowscape Apartments, and Pacific Ridge Apartments. The company is systematically selling remaining assets in Washington, California, Florida, and Texas, including holdings near Semiahmoo, Washington. This liquidation effort follows unsuccessful attempts to restructure and continue operations. These changes mark significant strategic shifts for Harbor Custom Development, transitioning from an active real estate developer and homebuilder to a company in orderly dissolution and asset liquidation, focusing on returning value to creditors through asset sales rather than continuing as a going concern. The company's operational wind-down is pending court approval and aims to maximize recoveries from its property portfolio. Harbor Custom Development caters primarily to residential real estate markets in the U.S., targeting first-time homebuyers and multi-family housing segments in fast-growing regions. Its operations extend across the western and southern United States, including key states like Washington, California, Texas, and Florida.
Harbor Custom Development, Inc., Announces Intentions to Liquidate via Chater 11 Plan