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Genesis Land Development Corp. Announces Completion of 157-Acre Acquisition for $29.15 Million in Calgary
Genesis Land Development Corp. Announces Completion of 157-Acre Acquisition for $29.15 Mi...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n \n \n \n Genesis Land Development Corp. Announces Completion of 157-Acre Acquisition for $29.15 Million 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 April 4, 2022\n \n \n /CNW/ - Genesis Land Development Corp. (TSX: GDC), is pleased to report that it has completed its acquisition of 157 acres of future residential development land (the \"Land\") in east\n \n Calgary\n \n for a purchase price of approximately\n \n $29.15 million\n \n . Genesis paid a non-refundable deposit of\n \n $2.18 million\n \n in\n \n February 2021\n \n and paid the balance of\n \n $26.97 million\n \n on closing.\n \n \n Genesis intends to develop a residential community named \"Huxley\" on the Lands and has submitted outline and land use plans to the\n \n City of Calgary\n \n for approval. These lands are not subject to a growth management overlay and may be developed once land use is approved.\n \n \n Genesis anticipates commencement of site servicing in Spring 2023. Upon completion of the development, the Lands are expected to yield over 1,200 housing units, including single-family and townhome units.\n \n \n \n Iain Stewart\n \n , President and CEO said, \"Land purchases such as the\n \n Huxley\n \n acquisition are important steps in our long-term plan to increase the size of our land holdings and the cash flow of our business.\"\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 'Continuous Disclosure Obligations', con...