Single-Family Home Community Projected to Generate Up to $10 Million
in Revenue
WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock
Holding Companies, Inc. (NASDAQ:CHCI), announced that it has acquired 24
developed building lots, known as The Estates at Leeland, in
Fredericksburg, Virginia within Stafford County. Comstock will introduce
an all-new line of single-family detached product at the community,
which is located approximately one mile from the Virginia Railway
Express Commuter Station on Leeland Road.
Comstock's entry into Stafford County marks the company's continued
expansion into high-growth markets. Stafford County is 25 miles south of
Washington DC, and 50 miles north of Richmond, VA. Stafford County, and
the Fredericksburg area in particular, has experienced significant
growth in both population and economic development over the past decade.
Currently listed as the ninth wealthiest county in America by Forbes
Magazine, Stafford County is a popular commuter location in the I-95
corridor and is expected to continue experiencing growth in population
and business expansion.
"Our expansion into Stafford County fits well within our strategy of
pursuing development opportunities in high-growth areas in and around
our core market of Washington, DC," said Christopher Clemente, Chief
Executive Officer. "Proximity to a commuter rail station, I-95 and Route
1, as well as regional employment centers in Stafford and Prince William
counties, has driven significant demand for new homes in the
Fredericksburg area."
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve known
and unknown risks and uncertainties that may cause actual future results
to differ materially from those projected or contemplated in the
forward-looking statements including the realization of the pricing and
sale of the units, and incurring substantial indebtedness with respect
these projects. Additional information concerning these and other
important risks and uncertainties can be found under the heading "Risk
Factors" in the Company's most recent Form 10-K, as filed with the
Securities and Exchange Commission. Comstock specifically disclaims any
obligation to update or revise any forward-looking statements, whether
as a result of new information, future developments or otherwise.
About Comstock Holding Companies, Inc.
Comstock is a multi-faceted real estate development and services
company, which builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes
of Washington, LC. Our substantial experience in building a diverse
range of products including apartments, single-family homes, townhouses,
mid-rise condominiums, high-rise condominiums and mixed-use (residential
and commercial) developments has positioned Comstock as a prominent real
estate developer and homebuilder in the Washington, D.C. metropolitan
area. Comstock Holding Companies, Inc. is a publicly traded company,
trading on NASDAQ under the symbol CHCI. For more information about
Comstock or its projects please visit http://www.comstockhomes.com
Comstock Holding Companies, Inc.
Joe Squeri, 703-230-1229
Chief
Financial Officer
jsqueri@comstockholding.com
or
Investor
Relations:
LHA
Harriet Fried/Jody Burfening, 212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
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