Harbor Custom Development : sees opportunity in South Sound condos

By Shawna De La Rosa - Reporter, Puget Sound Business Journal
12 hours ago


Harbor Custom Development Inc. is a 'product agnostic' company that follows opportunity. And right now, the path of opportunity is guiding the company straight into condominium development, said President and CEO Sterling Griffin.

In the last few months, Gig Harbor-based developer has purchased property in Tacoma, Burien, Lacey and Belfair - and is looking at land in Port Orchard - on which to develop condominiums.

The units are geared to first-time homeowners. The price points vary per project, but for context the Lacey development will have 177 one- and two-bedroom units priced between $260,000 and $325,000. The median selling price in Thurston County in May was $450,000, according to Redfin.

'We look for good opportunities and ask, what is the greatest need?' he said. 'Right now we see affordable housing as the greatest need. We are building condo units in the suburbs, and you haven't seen that in decades.'

The properties Harbor is focusing on had been in development to become apartments, he said. In Burien, the site was set to be senior living apartments. They will now be senior living condominiums.

'It's so hard to find affordable housing that is being built anywhere,' he said. 'We feel that if you can build an apartment and rent it out, why can't you build a condo and sell it? We do that whenever we can.'

Harbor doesn't build multifamily developments, but it does develop single-family neighborhoods. Sometimes Harbor hangs on to the property and builds on it. Other times it sells the developed land to builders.

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