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 / [email protected].
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)
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.
For further information: Bruce Rudichuk, President & Chief Executive Officer; Mark Scott, Executive Vice-President & Chief Financial Officer; 7315 - 8 Street NE Calgary AB T2E 8A2, P: 403-265-8079 TF: 800-341-7211 F: 403-266-0746; Email [email protected]; Website: www.genesisland.com