Mr. Iain Stewart reports
GENESIS LAND DEVELOPMENT CORP. ANNOUNCES CLOSING OF THE SALE OF 40% OF LEWISTON DEVELOPMENT IN CALGARY
Genesis Land Development Corp. has closed the previously announced sale of 40 per cent of its interest in the community of Lewiston in north Calgary. The sale comprised a 20-per-cent ownership stake to each of McKee Homes Ltd. and Qualico Developments West Ltd.
Total consideration for each 20-per-cent ownership stake was approximately $9.9-million resulting in gross proceeds for the total 40-per-cent ownership interest sold of $19.8-million. The ownership stake entitles the purchasers to be an approved home builder in Lewiston. Each of McKee Homes and Sterling Homes Ltd. (an affiliated builder of Qualico Developments West) will join Genesis builders group as the approved builders in Lewiston.
Lewiston is 130 acres of residential land located in the Keystone area structure plan. Lewiston has land use and outline plan approval, and is expected to commence development in the spring of 2023. Lewiston is expected to yield approximately 915 homes when fully developed.
"Genesis is excited to have two excellent builders, McKee Homes and Sterling Homes, joining Genesis builders group as partners in the Lewiston community," commented Iain Stewart, president and chief executive officer. "This partnership will increase collaboration and produce exceptional homes, resulting in a vibrant community for the families who will make Lewiston home."
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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