- Genesis Land Development ( OTCPK:GNLAF ) to sell a 20% ownership stake to each of two separate Calgary based third party home builders in the Genesis Lewiston development project.
- Lewiston is 130 acres of residential development land located in north Calgary in the Keystone Area Structure Plan acquired by Genesis in 2019.
- Genesis has now received land use and outline plan approvals from Calgary City Council for this project and expects to commence development of the Lewiston lands in the spring of 2023 yielding ~915 homes when fully developed.
- Total consideration for each 20% ownership stake is ~$9.9M resulting in gross proceeds for the total 40% ownership interest sold of $19.8M.
- In addition to a pro rata participation in the profits and losses of the Lewiston development, each purchaser, together with Genesis Builders Group Inc., will have preferential access to residential building lots in Lewiston.
- Both transactions are scheduled to close on January 16, 2023.
For further details see:
Genesis Land Development sells 40% of Lewiston development in Calgary