Business
RioCan waives conditions on $ 31.7 million commercial land purchase at Sagehill Crossing development
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES O...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES OF AMERICA. ANY FAILURE TO COMPLY WITH THIS\n RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n\n\nCALGARY, Sept. 7, 2011 /CNW/ - Genesis Land Development Corp. (TSX:GDC),\n (\"Genesis\" or the\n\"Company\") is pleased to announce that RioCan Real Estate Investment\n Trust (\"RioCan\") has satisfied or\nwaived its conditions and released the required deposit pursuant to its\n previously announced (see press\nrelease dated January 5, 2011) conditional purchase and sale agreement\n (\"Agreement\") it has with Genesis.\nThe Agreement involves the sale of approximately 33.45 acre parcel of\n zoned commercial land withinGenesis' Sage Hill Crossing project to RioCan for approximately $31.7\n million. This represents an\nincrease sale of approximately 6 acres from the originally announced\n 27.5 acres and $25.6 million sale.\nClosing is subject to Genesis obtaining a tentative subdivision plan\n approval by November 1, 2011 and\ncompleting servicing and subdivision of the site which must be completed\n within 720 days. Genesis\nanticipates completing the servicing and subdivision work by the end of\n 2012.\nGenesis is pleased to be under contract with one of the pre-eminent\n commercial development entities inCanada and is looking forward to an ongoing business relationship with\n RioCan. Genesis retains\napproximately 72.6 acres within the Sage Hill Crossing project and\n anticipates that the establishment of an\nanchor will lead to leases and sale of additional parcels as well as\n possible joint ventures.\nThe Sage Hill Crossing project is a mixed use Regional Shopping Centre\n located in the centre of the\nSymons Valley area in northwest Calgary. Land use approval has been\n received to allow for the\ndevelopment of 1.2 million square feet of commercial retail, 1 million\n square feet of office, 4,450\nresidential units, a recreation centre, hotel and theatre. The site\n includes a bus rapid transit hub intended to\nprovide transit service to this growing sector of Calgary.About Genesis Land Development Corp.Genesis Land Development Corp. is a Calgary based land development\n company with an inventory of more\nthan 24,000 future residential building sites (single-family and\n multi-family) and over 300 acres of\n...