Business
Genesis to Acquire $52.5 million of Land for a new Master-planned Community in Rapidly Growing Southeast Calgary
CALGARY , Oct. 14, 2014 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the "Corpor...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\nCALGARY, Oct. 14, 2014 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the \"Corporation\" or\n \"Genesis\") is pleased to report it has entered in to a firm purchase\n and sale agreement for the acquisition of approximately 350 acres of\n exceptional land located in southeast Calgary along the Bow River.  The\n property also overlooks the Bow River Valley, with views of the Rocky\n Mountains and is just 2 kilometres south of the $1.3 billion recently\n opened Calgary South Health Campus / Regional Hospital (see map).\n\n\nThe land will be developed into a residential community, with\n construction forecast to begin in 2021.  Once completed, the community\n is expected to include nearly 2,100 homes, parkland and supporting\n community commercial development.  The land is currently zoned Future\n Urban Development within Calgary's Southeast Planning Area.\n\n\nThis $52.5 million acquisition, the first mid-term land purchase in\n seven years, continues the Genesis strategy of focusing its portfolio\n on residential lands within the Calgary Metropolitan Area and is\n expected to provide a long-term supply of single family and\n multi-family home sites. The Corporation will pay for the acquisition\n from its general cash resources, with $12.5 million due on closing\n (scheduled for January 6, 2015), and the remainder paid over five\n years.\n\n\nPresident and CEO Bruce Rudichuk commented, \"We are very excited about\n our future in the Calgary Metropolitan Area and developing this\n extraordinary land, which will enable Genesis to create a unique and\n desirable master-planned community. The site's location and varied\n topography will assist us in creating diverse neigbourhoods ranging\n from family-friendly and affordable communities to intimate benchland\n enclaves with river views.\"\n\n\nHe continued, \"It has all of the essential characteristics we are\n seeking - and will encompass a large scale community with multiple\n product categories in a rapidly growing area within the City of\n Calgary. The development time-frame will support the planned growth of\n both our land development and homebuilding businesses and allow us to\n once again show the marketplace the kind of communities Genesis is\n capable of creating.\"\n\n\nGenesis Chair, Stephen J. Griggs, stated \"This acquisition demonstrates\n the c...