| Genesis Land Development Corp. - Taravista Development Underway in Northeast Calgary CNW / Nov 2, 2000 CALGARY, Nov. 2 /CNW/ - Genesis Land Development Corp. ("Genesis") is pleased to announce that site clearing has been completed for Phases 1 and 2, 20 acres of multi-family sites, the 10.5 acre commercial site, and the excavation of the 14 acre lake for the Taravista development in Northeast Calgary. A total of 282 lots are being serviced in Phases 1 and 2. Of the 171 lots in Phase 1, 153 of them have been sold for $7,757,620 to a builders group comprising of: Crestview Homes, De Vinci Homes, Gallery Homes, Point Grey Homes, and McKee Homes. The 111 lots in Phase 2 were also sold for $6,586,375 to a builder's consortium headed by Kismat Homes. Deep services (sanitary and storm sewer, and water lines) are being installed at the present time. Showhome parade construction is expected to commence on or before the 15 th of December, 2000. Phases 1 and 2, along with the 10.5 acre commercial site, and 20 acres of multi-family sites, occupy about 60 of the 160 acres in the City of Calgary approved Taravista outline and land use plan. The remaining 100 acres would yield approximately 430 additional building lots with a developed value of approximately $19,000,000 (based on current market prices, and on the street and zoning configuration of the approved outline / land use plan). Gobi Singh, President and CEO of Genesis, was quoted as saying, "Genesis is pleased to be launching our second major Calgary area development. Adjacent developers are faced with dwindling lot and land inventories in Northeast Calgary's Saddleridge area. With Genesis developing 480 acres (translating into more than 3000 lots) in future phases, we have sufficient lot inventories for the next ten years based on current market absorption. This positions Genesis to capture a substantial market share of Northeast Calgary lot sales for years to come." 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. |