22:02:39 EDT Sun 28 May 2023
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Genesis Land to acquire 160 acres in Calgary

2022-05-02 16:41 ET - News Release

Mr. Iain Stewart reports


Genesis Land Development Corp. has entered into a binding agreement to acquire approximately 160 acres of future residential development land located in the southeast sector of Calgary.

Pursuant to the land acquisition, Genesis has paid a non-refundable deposit of $300,000 and will pay a further $3-million non-refundable deposit. Depending on the timing of the receipt of certain approvals from Calgary, the purchase will cost either $28-million or $30-million with the closing date being either June 15, 2023, or Jan. 31, 2025.

The land is located in southeast Calgary in the South Shepard area structure plan and is adjacent to two other approved residential projects. Genesis will work toward securing final development approvals from Calgary. Upon receiving all necessary approvals, the land is expected to yield approximately 1,100 housing units once fully developed.

Iain Stewart, president and chief executive officer, commented, "This acquisition is a continuation of Genesis's growth strategy and illustrates the company's commitment to the Calgary residential housing market."

About Genesis Land Development Corp.

Genesis is an integrated land developer and residential home builder operating in the Calgary Metropolitan Area (CMA) holding a portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots in the CMA.

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