Genesis Land Development sells 40% stake in Huxley project for $21.4m

Genesis Land Development Corp. (TSX: GDC) has reached a significant milestone in its expansion efforts within Calgary’s real estate market by selling a 40% ownership stake in the Genesis Huxley development project. This transaction, involving two local home builders, is valued at gross proceeds of $21.4 million, signaling a robust interest in Calgary’s growing residential sector.

Details of the Huxley Development Project

Located in the burgeoning community of Belvedere in east Calgary, the Huxley development spans 160 acres and is poised to yield approximately 1,400 homes upon completion. The project has already received crucial land use and outline plan approvals from the City of Calgary, with construction activities now underway. This development is set to transform the area into a vibrant residential community.

Genesis Land Development Corp. secures a $21.4 million deal for a 40% stake in the Huxley development project, promising a future of vibrant community living.

Strategic Partnerships and Future Prospects

The sale includes not only a pro rata share in the profits and losses from the Huxley project but also preferential access to residential building lots for each purchaser, alongside Genesis Builders Group Inc. Such strategic partnerships are expected to enhance the project’s success by leveraging the expertise and resources of established local builders. Both transactions are slated to close by December 13, 2024, marking a significant forward movement in the project’s timeline.

The involvement of multiple local builders in the Huxley project underlines a growing trend in real estate development where collaboration among various stakeholders leads to more comprehensive and community-focused outcomes. This approach not only accelerates development but also ensures a diverse range of housing options, catering to the dynamic needs of modern urban families.