K. Hovnanian® Homes Celebrates Groundbreaking of Terraces at Absecon Inlet, Bringing New Waterfront Townhomes to Atlantic City
Rhea-AI Summary
K. Hovnanian Homes (NYSE:HOV) held a groundbreaking ceremony on August 12, 2026 for Terraces at Absecon Inlet, a new waterfront residential community in Atlantic City, New Jersey. The event, attended by Atlantic City Mayor Marty Small Sr., marks the company’s return to the Atlantic City market and the start of construction on 38 new waterfront townhomes.
Upon completion, the four-story homes are expected to offer about 1,848 square feet, three bedrooms, 3.5 baths, two-car tandem garages and private top-level balconies with inlet views. The first phase will include five residential buildings, a furnished model and select quick move-in homes, with initial deliveries anticipated as early as summer 2027.
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Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 06 | earnings call notice | Neutral | -2.4% | Announced third-quarter fiscal 2026 results release and conference call timing |
| Jul 01 | regional expansion | Positive | -5.2% | Rebranded Saudi Arabian real estate operation following increased majority ownership |
| May 21 | quarterly earnings | Negative | +17.8% | Reported lower revenue and net loss despite adjusted EBITDA exceeding guidance |
| May 07 | earnings call notice | Neutral | -1.1% | Announced second-quarter fiscal 2026 results release and webcast schedule |
| Apr 08 | joint venture closing | Positive | +6.3% | Closed a $200 million homebuilding joint venture portfolio with GTIS Partners |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
HOV's recent news reactions diverged from the apparent announcement sentiment four times and aligned once, including a 17.8% gain after mixed quarterly results.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATLANTIC CITY, N.J., Aug. 14, 2026 (GLOBE NEWSWIRE) -- K. Hovnanian® Homes celebrated the groundbreaking of Terraces at Absecon Inlet on August 12, marking the start of construction for new waterfront townhomes and condos for sale in Atlantic City, NJ. The event was attended by representatives from K. Hovnanian® Homes and Atlantic City Mayor Marty Small, Sr. This new-construction development represents K. Hovnanian’s return to the Atlantic City market and marks the beginning of a new community that will deliver 38 new homes to Atlantic City.
Upon completion, Terraces at Absecon Inlet will feature 38 waterfront townhomes overlooking the Absecon Inlet and located directly across from Altman Park, near Gardner’s Basin and the historic Atlantic City Boardwalk.
“We’re thrilled to be back. We’re excited about this location, and we’re even more excited about the future,” said Nikki Mallozzi, President of K. Hovnanian Homes’ Northeast Division, during remarks at the groundbreaking ceremony.
“We appreciate K. Hovnanian’s commitment to the Great City of Atlantic City and its continued investment in bringing new housing opportunities and stability to our residential market,” said Mayor Marty Small, Sr in a news release.
Terraces at Absecon Inlet will offer a rare opportunity for waterfront living just steps from the beach and boardwalk in Atlantic City. The four-story homes will feature approximately 1,848 square feet of living space with three bedrooms, 3.5 baths, open-concept living areas, two-car tandem garages and private top-level balconies designed to embrace the city’s coastal setting with panoramic water views.
The first phase will include five residential buildings, a furnished model home and select quick move-in opportunities, with anticipated deliveries beginning as early as summer 2027.
Homes at Terraces at Absecon Inlet will feature K. Hovnanian’s Looks®, the company’s designer-curated interior collections that simplify the homebuying process by offering coordinated finishes and a streamlined, turn-key approach to personalization.
The community places homeowners within easy reach of Atlantic City’s beach, boardwalk, dining, entertainment and recreation opportunities while offering the convenience of new construction in one of the city’s most distinctive waterfront locations on the Absecon Inlet in Atlantic County, New Jersey.
For more information, email nypress@khov.com.
About Hovnanian Enterprises®, Inc.
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company's subsidiaries, as developers of K. Hovnanian's® Four Seasons communities, make the Company one of the nation's largest builders of active lifestyle communities.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54a5308e-28b7-4980-9df5-eda965c482ed
