14:01:35 EDT Sat 10 Jun 2023
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Genesis Land Development Corp
Symbol GDC
Shares Issued 56,863,335
Close 2022-09-13 C$ 2.13
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Genesis Land's Lewiston, Logan overlay removal okayed

2022-09-14 01:37 ET - News Release

Mr. Iain Stewart reports

GENESIS LAND DEVELOPMENT CORP. ANNOUNCES REMOVAL OF GROWTH MANAGEMENT OVERLAYS ON LEWISTON AND LOGAN LANDING DEVELOPMENTS

The City of Calgary council has approved the removal of the growth management overlays on Genesis Land Development Corp.'s Lewiston and Logan Landing developments.

Genesis Land would like to thank the City of Calgary council and administration for all the work they have done during this long and thorough approval process.

"We are delighted to advance the development of these two communities and work towards breaking ground in early 2023," said chief executive officer Iain Stewart. "Lewiston and Logan Landing will provide Calgary with over 3,000 new housing units, including much needed affordable homes for first-time homebuyers."

"Once complete, these communities will provide great places to live for people at all stages of their lives, representing the live, work-play model people are seeking when they choose where to live," said Arnie Stefaniuk, vice-president, regional planning. "We have worked hard to ensure a high level of environmental preservation with significant setbacks and natural areas near the Bow River. We are also a proud leader in promoting lower carbon initiatives throughout our communities."

Genesis Land expects to commence land servicing construction in 2023 to provide additional affordable housing to the Calgary market in the coming years.

About Genesis Land Development Corp.

Genesis Land 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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