07:00 AM EDT, 05/21/2024 (MT Newswires) -- Genesis Land Development ( GNLAF ) over the holiday weekend said it agreed to sell a 40% stake in the Genesis Huxley development project to two Calgary-based home builders for $21.4 million.

Huxley contains 160 acres of residential development land located in the east Calgary community of Belvedere that is planned to yield about 1,400 homes when fully developed.

Genesis has received land use and outline plan approvals from the city of Calgary for the project and has commenced development of the lands.

In addition to a pro-rata participation in the profits and losses of the Huxley development, the two purchasers, along with Genesis Builders Group, will have preferential access to residential building lots in Huxley.

The transactions are scheduled to close on Dec. 13.