Genesis Land has sold a 40% stake in its Huxley residential development project in southeast Calgary to a pair of developers.

Genesis said in a news release that it divested the stake to two separate Calgary-based homebuilders for $21.4 million in gross proceeds. The Huxley site contains 160 acres of residential development land in the community of Belvedere.

The project is slated to yield about 1,400 homes when fully constructed. Many of the buildings are expected to be multi-unit structures.

Calgary-based Genesis has commenced development of the lands after receiving land-use and outline plan approvals from the City of Calgary.

Together with Genesis Builders Group, the two undisclosed buyers will have preferential access to residential building lots in Huxley. The two sales transactions are slated to close on December 13.

“Genesis is excited to have two excellent builders, joining Genesis Builders Group, as partners in the Huxley community,” said Iain Stewart, president and CEO of Genesis. “This partnership will increase collaboration and create excellent homes and a vibrant community for the families who will make Huxley home.”

Genesis is an integrated land developer and homebuilder that operates in the Calgary metropolitan area.

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