CALGARY, Oct. 19, 2017 /CNW/ - Genesis Land Development
Corp. ("Genesis") (TSX: GDC) is pleased to announce that it has
entered into an agreement with an arms-length third party builder
for the sale of undeveloped land located in the north west
community of Sage Hill in Calgary,
Alberta (the "Lands"). The Lands, which are zoned for medium
density multi-family development, will consist of two sites
totaling 8.65 acres and is a part of Phase 5 of the Genesis Sage
Meadows development.
The aggregate sale price for the Lands is $11.27 million. The first 3.91 acre site is
expected to close in the second half of 2018. The second 4.74 acre
site is expected to close in mid-2020. The purchaser has paid a
deposit and will pay the sale price in cash at each closing.
The agreement requires Genesis to subdivide the Lands prior to
the initial closing in 2018. Genesis intends to service and
subdivide all of Phase 5 of the Sage Meadows development in 2018,
additionally creating 31 single family lots, approximately 9 acres
zoned for medium density multi-family development, as well as a
future school site.
About Genesis
Genesis Land Development Corp. is a land developer and
residential home builder in the Calgary Metropolitan Area. The corporation's
common shares are listed on the Toronto Stock Exchange (TSX:
GDC).
SOURCE Genesis Land Development Corp.