- What Genesis Land Development is selling a stake in a residential project to two builders
- Why The builders will receive preferential access to home lots
- What’s next The deal is expected to be completed in December
Genesis Land Development Corp. has agreed to sell a 40% stake in a residential development project near Calgary for $21.4m.
Two Calgary-based homebuilders are buying into Genesis Huxley, a 160-acre project in Belvedere expected to yield about 1,400 homes. Together with Genesis Builders Group Inc., the builders will receive preferential access to lots in the development. They also will participate in the profits and losses of the project on a pro rata basis.
The deal is expected to be completed in December.
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