Business
Genesis Land Development Corp. Announces Closing of the Sale of 40% of Lewiston Development in Calgary
Genesis Land Development Corp. Announces Closing of the Sale of 40% of Lewiston Development in Ca...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n \n \n \n Genesis Land Development Corp. Announces Closing of the Sale of 40% of Lewiston Development 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 Jan. 16, 2023\n \n \n /CNW/ - Genesis Land Development Corp. (\"Genesis\") is pleased to announce that that it has closed the previously announced sale of 40% of its interest in the community of Lewiston in north\n \n Calgary\n \n . The sale comprised a 20% ownership stake to each of McKee Homes Ltd and Qualico Developments West Ltd.\n \n \n Total consideration for each 20% ownership stake was approximately\n \n $9.9 million\n \n resulting in gross proceeds for the total 40% ownership interest sold of\n \n $19.8 million\n \n . The ownership stake entitles the purchasers to be an approved home builder in Lewiston. Each of McKee Homes Ltd and Sterling Homes Ltd. (an affiliated builder of Qualico Developments West Ltd.) will join Genesis Builder Group as the approved builders in Lewiston.\n \n \n 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.\n \n \n \"Genesis is excited to have two excellent builders,\n \n McKee Homes\n \n and\n \n Sterling Homes\n \n , joining Genesis Builders Group as partners in the Lewiston community\", commented\n \n Iain Stewart\n \n , President and CEO.  \"This partnership will increase collaboration and produce exceptional homes resulting in a vibrant community for the families who will make Lewiston home.\"\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 About McKee\n \n \n \n \n McKee Homes\n \n is a third-generation family-o...