Mr. Iain Stewart reports
GENESIS LAND DEVELOPMENT CORP. ANNOUNCES SALE OF 40% OF LEWISTON DEVELOPMENT IN CALGARY
Genesis Land Development Corp. has entered into binding agreements to sell a 20-per-cent ownership stake to each of two separate Calgary based third party home builders in the Genesis Lewiston development project.
Lewiston is 130 acres of residential development land located in North Calgary in the Keystone Area structure plan acquired by Genesis in 2019. Genesis has now received land use and outline plan approvals from Calgary City Council for this project and expects to commence development of the Lewiston lands in the spring of 2023 yielding approximately 915 homes when fully developed.
Total consideration for each 20-per-cent ownership stake is approximately $9.9-million resulting in gross proceeds for the total 40-per-cent ownership interest sold of $19.8-million. In addition to a pro rata participation in the profits and losses of the Lewiston development, each purchaser, together with Genesis Builders Group Inc., will have preferential access to residential building lots in Lewiston. Both transactions are scheduled to close on Jan. 16, 2023.
"Genesis is excited to have two excellent builders, joining Genesis Builders Group, as partners in the Lewiston community," commented Iain Stewart, president and chief executive officer. "This partnership will increase collaboration and create excellent homes and a vibrant community for the families who will make Lewiston home."
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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