Calgary-based firm has projects under way in several communities
By Murdoch Macleod
Business Edge
A Calgary developer that was almost acquired by an Ontario company earlier this year is forging its own empire north of the city.
Genesis Land Development Corp. has five projects at various stages in north Calgary and beyond.
It owns enough land for 17,000 building lots, of which 12,000 are in the Calgary area. It has developed 1,600 lots so far, including 1,500 in the Calgary area, says Arthur Wong, vice-president and chief operating officer.
Genesis will soon have projects under way in Symons Valley, Taravista, Bayside and The Canals in Airdrie, and the North Calgary Commercial Campus, he says.
Genesis was almost bought earlier this year. Mattamy Development Co., of Oakville, Ont., and Genesis had signed a letter of intent in September for Mattamy to buy Genesis. The deal didn’t go through.
Genesis said in November that after discussions with Mattamy on revising the terms, they were unable to reach an agreement.
Mattamy also expressed disappointment at the failure of its first acquisition in Alberta, adding it is committed to Calgary and hopes to replace the Genesis deal.
“As a company, we were at a crossroads,” says Wong.
However, the company shows no sign of being distracted by the failed negotiation. It is on track to sell 700 serviced lots to builders this year and has other projects coming up. Those include the North Calgary Commercial Campus, a business development near Balzac, and a pending commercial zoning application in Symons Valley.
The Symons Valley project would allow for 409,000 sq. ft. of building area, which would mean a 35- to 40-acre shopping centre. Other developers have already had packages of land rezoned in Symons Valley.
A community plan for the Symons Valley area, adopted by the city in the spring of 2001, calls for five neighbourhoods.
Wong says Symons Valley is a rare development event. Genesis had 135 acres zoned in Symons Valley in July. It plans more than 400 lots next summer, extending Shaganappi Trail to access the area. The neighbourhood will be called Sherwood, sporting an Old English theme.
The northeast neighbourhood of Taravista was just getting under way in the spring of 2001. It now has 260 lots sold and built on, with 432 lots developed and sold to builders – and there are still 320 acres left.
“If the market holds reasonably, we can do 400 or 500 lots a year without blinking,” says Wong.
The Airdrie neighbourhoods of The Canals and Bayside saw 112 lots started this year. A 60-unit multi-family development will get under way next spring.
The North Calgary business park isn’t technically in Calgary, but located off the Balzac interchange at Highways 2 and 566. Wong adds that Highway 2 is a desirable transport corridor for business access.
Genesis will handle the theming of the business park – which will operate under architectural controls because of nearby residential development – and will sell lots of one to four acres. Uses will likely include a combination of commercial, retail and light industrial.
The business park will total 247 acres and Genesis plans to start development on the first phase by next summer. It will apply to the municipal district early in the new year for the necessary rezoning.
“All these things are really starting to take off,” says Wong. It has taken about eight years to get Genesis to this point, and it may sell 1,000 lots next year.
“We came from nowhere to be one of the top two developers in Calgary,” adds Wong.
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