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TSE Stock Symbol: GDC
CALGARY, June 18 /CNW/ - Genesis Land Development Corp. (TSX: GDC) ("Genesis" or "the Company") today announced that the Company received final land use approval for an additional 97.57 hectares (241.09 acres) within the City of Airdrie. This approval provides for the additional development of up to 2,295 residential units consisting of single-family and multi-family units as well as mixed use commercial/residential development. The Company's total developable Single-Family and Multi-Family residential units in Airdrie now total approximately 4,000 units based on 400 acres of fully approved lands. However, the Company's fully approved development land holdings including the City Of Calgary, City of Airdrie, Edmonton and Radium now comprise of 1,344 acres representing 18,570 residential units, 120 acres of industrial lands, 1.2 million sq. ft. of retail commercial and 1 million sq. ft. of office space. Mr. Gobi Singh, President and Chief Executive Officer of Genesis, stated; "Subject to market demand, Genesis is now well positioned for growth and to generate strong revenues from these assets for approximately the next 10 years".
Genesis Land Development Corp. is a Calgary based land development company with an inventory of more than 35,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial/industrial lands in Western Canada, of which more than 19,000 residential building sites and over 300 acres of commercial/industrial lands are located in the Calgary metropolitan area.
Certain statements in this news release could constitute forward-looking statements. The Corporation's line of business involves risk, uncertainties and other factors which may cause actual results, performance or achievements of Genesis to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include the number of dwelling sites that Genesis will actually develop and sell.