Genesis Land Development Corp. reported that it has entered into a binding agreement to acquire 460 acres of future residential development land located in the southeast sector of the City of Calgary for $25.8 million. Genesis will pay a non-refundable deposit of $1.0 million with an additional $6.8 million due at the closing of the transaction on November 20, 2023.

The remaining balance of $18.0 million will be paid over four years in equal installments of $4.5 million with the first payment due in November 2024. The lands have a long-term development horizon and are currently zoned S-FUD or Future Urban Development by the City of Calgary.