Business
Genesis Seeking Partner or Purchaser for Sage Hill Town Centre Mixed-Use Commercial Development Site in Calgary
CALGARY , Oct. 22 , 2014­ /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the "Cor...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\nCALGARY, Oct. 22, 2014­ /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the \"Corporation\" or \"Genesis\") is pleased to announce that it is seeking a development partner or purchaser for a major mixed-use development site in Northwest Calgary, called the \"Sage Hill Town Centre\". The prime, in-fill site encompasses 22.4 acres and is proposed to be developed with up to 450,000 square feet of retail area and 720,000 square feet of multi-family residential. \n\nThis is a rare opportunity for other developers to participate in a unique, large scale, commercial development in the robust Calgary market. The land is zoned, serviced and ready to begin the development process.\n\nThe site is part of the larger 73.7 acre Genesis Sage Hill development project, which was originally 106 acres prior to the sale of a retail site in late 2012. The remaining 51.3 acres will be retained by Genesis as a master-planned community of primarily residential town homes and multi-family buildings (see included map).              \n\nPresident and CEO Bruce Rudichuk commented, \"Sage Hill Town Centre is a prime development site in Northwest Calgary; a community which is under-served by retail and office, comprised of households with significantly higher than average incomes, and experiencing strong, sustained residential growth. We have developed a unique mixed-use concept plan with Cincinnati-based Reztark Design Studio (Architects), IBI Group Inc. in Calgary and Global Retail Strategies Inc. in Vancouver. We are flexible about the kind of proposal we will consider, ranging from a joint venture to an outright sale, and encourage developers and investors to bring us their best ideas for this property.\"\n\nGenesis Chair, Stephen J. Griggs, stated \"Our strategic focus is on single and low rise multi-family residential land development and home building, and we are seeking a leading mixed-use development partner to work with us to successfully develop this ground-breaking project or to buy it outright.\" \n\nGenesis has engaged RBC Capital Markets Real Estate Group to act as its investment and marketing advisor. Developers or investors interested in the project should direct their inquiries to Jason Cottle, Managing Director, (403) 299-6990 / [email protected]. \n\nSage Hill Cr...