Genesis Buys 460 Acres of Calgary Residential Land
Genesis Land Development has agreed to buy 460 acres for future residential construction in southwest Calgary for $25.8 million.
Calgary-based Genesis announced that it has entered into a binding agreement with an unidentified seller.
Genesis will provide a non-refundable $1-million deposit with an additional $6.8 million due on the deal’s November 20, 2023 closing date. The remaining balance will be paid in equal installments over the next four years, starting in 2024.
“This acquisition is a continuation of Genesis’ growth strategy and illustrates the company’s long-term commitment to the Calgary residential housing market,” said Iain Stewart, the company’s president and CEO, in a press release.
Genesis is an integrated land developer and home builder operating in the Calgary metropolitan area. The company’s developments include multi-residential and other commercial real estate projects.
The land acquisition comes after Calgary city council recently approved a new housing strategy that allows for more high-density projects.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.