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.