Business View Magazine - Feb 2024

partnerships with leading architects, designers, and builders, the company ensures that each development meets the highest standards of quality and design. These collaborative efforts extend beyond the construction phase to engagement with local communities and governments, guaranteeing that each project aligns with local requirements and positively contributes to the overall area’s development. CHALLENGES AND ADAPTATION Genstar Developments’ journey showcases resilience in facing challenges, including economic shifts and market changes. The company’s ability to adapt and leverage its extensive experience has been pivotal in maintaining its leadership in community development. One transformative aspect of Genstar’s history involves its expansion efforts, starting with acquiring BACM Industries in 1973, leading to its rebranding as Genstar Development Company. This strategic move expanded operations from Western Canada to include Toronto and Ottawa. In the late 1970s, Genstar ventured into the United States, marking significant international expansion. Ownership changed hands in 1986, with Imasco Limited acquiring and eventually selling the U.S. operations. By 1991, Genstar had expanded across various U.S. cities, pioneering innovative master-planned communities. In 2001, a management buyout formed GDC Communities in the U.S. In 2010, Genstar shifted towards acquiring quality assets and providing equity, reflecting its adaptability and resilience in the real estate market. ECONOMIC IMPACT AND JOB CREATION Each Genstar project catalyzes job creation, injecting vitality into local economies. Many employment 46 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 02