Mr. Iain Stewart reports
GENESIS LAND DEVELOPMENT CORP. ANNOUNCES 460-ACRE LAND ACQUISITION IN CALGARY
Genesis Land Development Corp. has entered into a binding agreement to acquire 460 acres of future residential development land located in the southeast sector of the city of Calgary for $25.8-million.
Genesis will pay a non-refundable deposit of $1.0-million with an additional $6.8-million due at the closing of the transaction on Nov. 20, 2023. The remaining balance of $18.0-million will be paid over four years in equal instalments of $4.5-million with the first payment due in November, 2024.
The lands have a long-term development horizon and are currently zoned S-FUD or Future Urban Development by the City of Calgary. The lands are located within the East Calgary Regional Context Study Area which will require an area structure plan (ASP) to be approved prior to development.
Iain Stewart, president and chief executive officer, commented, "This acquisition is a continuation of Genesis's growth strategy and illustrates the company's long-term commitment to the Calgary residential housing market."
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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