Mr. Iain Stewart reports
GENESIS LAND DEVELOPMENT CORP. ANNOUNCES 157-ACRE ACQUISITION FOR $29.15 MILLION IN CALGARY
Genesis Land Development Corp. has entered into a binding agreement to acquire approximately 157 acres of future residential development land in the Belvedere community in the city of Calgary. Genesis has paid a non-refundable deposit of $2.18-million, with the balance of $26.97-million to be paid on closing, currently scheduled for April, 2022. The land is located within Calgary city limits, and is on the edge of existing residential and retail developments. Genesis plans to immediately commence the process of obtaining land use and outline plan approvals from the City of Calgary. Upon completion of development, the lands are expected to yield over 1,200 housing units, including single-family, townhouse and multifamily apartment units.
Iain Stewart, president and chief executive officer, said, "Land purchases such as the Belvedere acquisition are important steps in our long-term plan to increase the size of the landholdings and the cash flow of our business."
About Genesis Land Development Corp.
Genesis Land Development is a land developer and residential home builder in the Calgary metropolitan area. The corporation's common shares are listed on the Toronto Stock Exchange.
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