Lumber prices hit record US$1,000
February 26, 2021
Genesis rendering of previous developments. | Genesis
Calgary-based Genesis Land Development Corp. is paying $29.15 million for approximately 157 acres of future residential development land in the Calgary suburban community of Belvedere.
Genesis paid a non-refundable deposit of $2.18 million on February 7, 2021 with the balance of $26.97 million to be paid upon closing in April.
The land is located within Calgary city limits and is on the edge of existing residential and retail developments.
Genesis plans to immediately begin the process of obtaining land use and outline plan approvals from the City of Calgary. Upon completion of development, the lands are expected to yield over 1,200 housing units including single-family, townhouse and multi-family apartment units, according to the company.
"Land purchases such as the Belvedere acquisition are important steps in our long-term plan to increase the size of the land holdings and the cash flow of our business,” said Iain Stewart, Genesis president and CEO.
Genesis land sales have remained strong during the pandemic, despite a challenging Alberta economy. According to Genesis’ public reports, it sold 195 residential lots in the first nine months of 2020—an increase of 101 per cent from a year earlier. In the third quarter of 2020 alone, it sold 76 lots—up 186 per cent from a year earlier.