05:32 PM EDT, 05/22/2024 (MT Newswires) -- Genesis Land Development Corp. ( GNLAF ) announced after trade Wednesday that it has contracted to acquire approximately 734 acres of future residential development land located in the southeast sector of the City of Calgary for $53.9 million.

A statement noted Genesis has paid a deposit of $2.7 million with an additional $9.1 million due at the closing of the transaction on June 7, 2024. The remaining balance of $42.1 million will be paid in four installments over the next four years. In addition, Genesis has secured an option to purchase an additional 106 acres immediately south of the Land that may be exercised between January 1, 2029 and December 31, 2037.

Wednesday's statement noted the Land and the Option Land have a long-term development horizon and are currently zoned Future Urban Development, or S-FUD, by the City of Calgary. The Land and the Option Land are located within the East Calgary Regional Context Study Area which will require an Area Structure Plan to be approved prior to development.

Iain Stewart, President and CEO, said: "This acquisition builds on Genesis' growth strategy and illustrates the company's long-term commitment to the Calgary residential housing market."