CALGARY, Oct. 22, 2014 /CNW/ - Genesis Land Development
Corp. (TSX: GDC) (the "Corporation" or "Genesis") is pleased to
announce that it is seeking a development partner or purchaser for
a major mixed-use development site in Northwest Calgary, called the "Sage Hill Town
Centre". The prime, in-fill site encompasses 22.4 acres and is
proposed to be developed with up to 450,000 square feet of retail
area and 720,000 square feet of multi-family residential.
This is a rare opportunity for other developers to participate
in a unique, large scale, commercial development in the robust
Calgary market. The land is zoned,
serviced and ready to begin the development process.
The site is part of the larger 73.7 acre Genesis Sage Hill development project, which was
originally 106 acres prior to the sale of a retail site in late
2012. The remaining 51.3 acres will be retained by Genesis as a
master-planned community of primarily residential town homes and
multi-family buildings (see included map).
President and CEO Bruce Rudichuk
commented, "Sage Hill Town Centre is a prime development site in
Northwest Calgary; a community
which is under-served by retail and office, comprised of households
with significantly higher than average incomes, and experiencing
strong, sustained residential growth. We have developed a unique
mixed-use concept plan with Cincinnati-based Reztark Design Studio
(Architects), IBI Group Inc. in Calgary and Global Retail Strategies Inc. in
Vancouver. We are flexible about
the kind of proposal we will consider, ranging from a joint venture
to an outright sale, and encourage developers and investors to
bring us their best ideas for this property."
Genesis Chair, Stephen J. Griggs,
stated "Our strategic focus is on single and low rise multi-family
residential land development and home building, and we are seeking
a leading mixed-use development partner to work with us to
successfully develop this ground-breaking project or to buy it
outright."
Genesis has engaged RBC Capital Markets Real Estate Group to act
as its investment and marketing advisor. Developers or investors
interested in the project should direct their inquiries to
Jason Cottle, Managing Director,
(403) 299-6990 / jason.cottle@rbccm.com.
Sage Hill Crossing Project Map
About Genesis
Genesis is an integrated, award-winning land developer and
residential homebuilder, creating innovative and successful
communities in the Calgary
Metropolitan Area. Genesis is committed to supporting its
communities through partnerships like the Genesis Centre of
Community Wellness and Genesis Place Recreational Centre. Genesis
owns a large portfolio of entitled residential and mixed-use land,
which is exceptionally well positioned to benefit from the
continued robust activity in the Alberta economy. The Corporation's
common shares are listed on the Toronto Stock Exchange (TSX:
GDC)
ADVISORIES
Cautionary Statement Regarding Forward Looking
Information
This press release contains certain statements which
constitute forward looking statements or information
("forward-looking statements") within the meaning of applicable
securities legislation concerning the business, operations and
financial performance and condition of Genesis. Forward-looking
statements include, but are not limited to, statements with respect
to future development of the Sage Hill Crossing project and joint
venture and sale opportunities of the portion of the development
land retained by Genesis. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Although Genesis
believes that the anticipated future results, performance or
achievements expressed or implied by the forward-looking statements
are based upon reasonable assumptions and expectations, the reader
should not place undue reliance on forward-looking statements
because they involve assumptions, known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Genesis to differ materially from
anticipated future results, performance or achievement expressed or
implied by such forward-looking statements. Accordingly, Genesis
cannot give any assurance that its expectations will in fact occur
and cautions that actual results may differ materially from those
in the forward-looking statements. Factors that could cause actual
results to differ materially from those set forth in the
forward-looking statements include, but are not limited to, general
economic conditions; local real estate conditions, including the
development of properties in close proximity to Genesis'
properties; the ability of Genesis to participate or find joint
venture or sale opportunities for the remaining development land;
the uncertainties of real estate development and acquisition
activity; interest rates; availability of equity and debt
financing; economic conditions in Western
Canada, and other risks and factors described from time to
time in the documents filed by Genesis with securities regulators
in Canada available at
www.sedar.com., including the Annual Information Form under the
heading "Risk Factors" and in Genesis' most recent interim report
under the heading "Management's Discussion and Analysis." The
forward-looking statements contained in this press release are made
as of the date of this press release and, except as required by
applicable law, Genesis does not undertake any obligation to
publicly update or to revise any of the forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE Genesis Land Development Corp.