Business
Genesis Land Development Corp. Announces 460-Acre Land Acquisition in Calgary
Genesis Land Development Corp. Announces 460-Acre Land Acquisition in Calgary Canada Ne...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n \n \n \n Genesis Land Development Corp. Announces 460-Acre Land Acquisition in Calgary\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sept. 21, 2023\n \n \n /CNW/ - Genesis Land Development Corp. (TSX: GDC) (\"Genesis\") is pleased to report that it has entered into a binding agreement to acquire 460 acres of future residential development land (the \"Land\") located in the southeast sector of the\n \n City of Calgary\n \n for\n \n $25.8 million\n \n .\n \n \n Genesis will pay a non-refundable deposit of\n \n $1.0 million\n \n with an additional\n \n $6.8 million\n \n due at the closing of the transaction on\n \n November 20, 2023\n \n . The remaining balance of\n \n $18.0 million\n \n will be paid over four years in equal installments of\n \n $4.5 million\n \n with the first payment due in\n \n November 2024\n \n .\n \n \n The lands have a long-term development horizon and are currently zoned S-FUD or Future Urban Development by the\n \n City of Calgary\n \n . 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.\n \n \n \n Iain Stewart\n \n , President and CEO commented: \"This acquisition is a continuation of Genesis' growth strategy and illustrates the company's long-term commitment to the\n \n Calgary\n \n residential housing market.\"\n \n \n \n About Genesis\n \n \n \n Genesis is an integrated land developer and residential home builder operating in the\n \n Calgary\n \n Metropolitan Area (\"CMA\") holding a portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots in the CMA.\n \n \n \n \n Cautionary Statement Regarding Forward Looking Information\n \n \n \n \n \n This news release contains certain statements which constitute forward-looking statements or information (\"forward-looking statements\") within the meaning of applicable securities legislation, including Canadian Securities Administrators' National Instrument 51-102 'Continuou...