Real estate vet Bruce Rudichuk takes helm as Genesis CEO

It’s been a busy 2013 for Genesis Land Development Corp. First, the Calgary-based developer and residential home builder announced the milestone sale of a regional shopping centre site within its Sage Hill Crossing project for $32.5-million.
It topped that this week with the news that it had appointed two new top executives with Bruce Rudichuk as the company’s new President and Chief Executive and Mark Scott as Executive Vice-President and Chief Financial Officer.
Rudichuk, who has spent more than 20 years in real estate, said in an interview that he was not brought on board at Genesis to carry out any specific plan. “The board is looking to maximize shareholder value, stakeholder value, and the specific way that will unfold over the near to medium term is yet to be determined.”
“It is all about maximizing value, how are we going to get there,” he added. “The company has a very good history of land development and is newer to the housing operation in terms of its overall history. Part of what I will do is evaluate the businesses and make recommendations to the board in terms of a longer term strategy and how to grow the company. Not different than any other CEO would do.”
Scott, the new Genesis CFO, was a senior banker with Scotia Capital Inc. in Vancouver, as well as Managing Director for Asia and the Director of Scotia's real estate group in Toronto. Before that, he was a Director of Asian Capital Partners, a mergers and acquisitions firm in Hong Kong. He was with Morguard Investments as Manager of Asset Management prior to joining Scotia Capital. He was most recently owner of a private investment company in Vancouver.
Never dull at Genesis
Rudichuk was most recently the President and CEO of a company within the Intracorp Group of Companies, a Canadian residential developer and builder with operations in Ontario and British Columbia. A chartered accountant, Rudichuk was with KPMG LLP prior to that.
The new CEO replaces long-time Genesis executive Jeff Blair, who was named interim CEO in the fall of 2011. Blair, who had worked with the company for more than a decade prior to taking the CEO position, took over the post from company founder Gobi Singh, who at that time remained the largest shareholder with a 20% voting stake.
At the time of its last CEO shuffle, Genesis was coming off a failed agreement to sell all issued and outstanding common shares of the company for $5.80 per common share. That deal fell through and it hired investment firm Desjardins Securities to explore strategic alternatives for Genesis that could include a sale to another party.
Today Genesis trades at about $3.40 per share on the Toronto Stock Exchange.

Genesis Sage Hill Crossing project
Active in Alberta and B.C.
Genesis has approximately 4,200 acres of residential, light industrial, retail and mixed use land in Calgary and the surrounding area and has active projects in the northeast and northwest of Calgary. It also holds 122 acres of light industrial land on the western boundary of Edmonton and land holdings for development in British Columbia.
According to its website, Genesisland.com, the company controls more than 7,200 acres of property in the two provinces. In B.C., those include Buena Vista Ranch just outside Kamloops. It consists of 1,600 acres of residential/recreational land “with tremendous future development potential.” They also have Spur Valley, north of Radium, a holding of 1,140 acres of land for resort, golf course and residential development and a site called The Woodlands in Prince George, a 121 acre site currently undergoing development.
Projects underway in growing areas
Genesis announced in January that it had sold a $32.5-million regional shopping centre site within the Sage Hill Crossing project to RioCan Real Estate Investment Trust.
The Sage Hill Crossing project is a large-scale mixed use development centrally located in the Symons Valley area of Northwest Calgary. Land use approval has been received to allow for the development of 1.2 million square feet of commercial retail, one million square feet of office, 4,450 residential units, a recreation centre, hotel and theatre. The site includes a bus rapid transit hub to serve the growing area of Calgary.
Genesis retains approximately 72.6 acres of development land within the Sage Hill Crossing project and is looking at joint venture or sale opportunities for the balance of the site. It expects that the site will be fully serviced in 2013.



Paul is a writer, editor and media trainer based in Toronto with over 25 years of experience as a business reporter. He has written for Canada’s major news services on…

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Paul is a writer, editor and media trainer based in Toronto with over 25 years of experience as a business reporter. He has written for Canada’s major news services on…

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