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News
City of Calgary approves rezoning of 150 acres of Genesis lands for future commercial and multi-family residential development in Northwest Calgary
October 5th, 2005
Genesis Land Development Corp. is pleased to
announce that the City of Calgary gave the third and final reading to a land
use bylaw rezoning the SE1/4-36-25-2W5M (150 acres - Genesis portion) (the
"Lands"), in the Symons Valley area of Northwest Calgary on October 3, 2005.
The rezoning changes land use on the Lands from urban reserve to Commercial
shopping centre and high density multi-family use (DC-C5 and RM7). The
approved rezoning bylaw allows for the future development of approximately
850,000 sq. ft of commercial shopping centre development in two stages, as
well as high rise multi-family development. The Lands are located one-half
mile north of Genesis's Sherwood community.
Mr. Gobi Singh, President and CEO of Genesis had the following comment, "Genesis is pleased to have completed the rezoning process, which allows for future development of the Core Commercial Centre in Symons Valley. However, there are a number of offsite services and transportation considerations that need to be dealt with prior to initiating development on the site. This site along with the North Calgary Commercial Campus in Balzac, illustrates Genesis's ability to bring both commercial and residential developments to fruition."
Genesis Land Development Corp. is a Calgary based land development company with an inventory of more than 17,000 future residential building sites and over 300 acres of commercial/industrial lands in Western Canada, of which more than 12,000 residential lots and over 300 acres of commercial/industrial lands are located in the Calgary metropolitan area.
Certain statements in this news release could constitute forward-looking statements. The Corporation's line of business involves risk, uncertainties and other factors which may cause actual results, performance or achievements of Genesis to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include the number of dwelling sites that Genesis will actually develop and sell.
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