Almega Corp Secures Equity Partnership with Honeybee Group to Develop Bathurst Manor Condo Site
Almega Corp has entered into a capital partnership with Honeybee Development Group to advance the development of a 300+ unit condominium project located in the Bathurst Manor corridor in Toronto.
TORONTO, June 29, 2023 /CNW/ - Almega Corp is pleased to announce an equity partnership with Honeybee Development Group Ltd to advance the development of a 1.2 acre, transit oriented, development site in the Bathurst Manor corridor. Located at 824 Sheppard Avenue West in Toronto, and strategically situated within walking distance to the Sheppard West subway station, the site is currently zoned for 220,000 square feet of mixed-use development which will add 320 multi-family units to the community.
Excited for the opportunity to provide new housing stock to an area experiencing revitalization, Almega's CEO Basem Hanna says, "We are very happy to be working with the Honeybee team on this project. Our shared vision is to create positive and impactful change in the communities where we live. There is a significant need for additional housing in Toronto and we are grateful to be able to add over 300 new homes to this neighbourhood. Combined with Almega's commitment to donate 10 percent of its profits to employee-approved charitable causes, we feel this project aligns with our visions and the needs of the communities we serve."
Alejandra Moreno, CEO of Honeybee Development Group commented, "We are thrilled to be partnering with the Almega Team. We fully embody collaboration and creating abundance for everyone from our investors to our trades. Basem and the Almega team align seamlessly with our core values in giving back to our communities. We are looking forward to a fruitful relationship and what the future brings."
Mr. Hanna went on to say "Both Almega and Honeybee would like to recognize the outstanding team at eXp LGCY. Thank you to Rick Dhillon, Hisham Kufaishi and Gurpreet Thind without whom this deal would not have happened."
A neighbourhood in the city of Toronto, Bathurst Manor is a sought-after residential community with close proximity to major transit and other community-oriented amenities including parks, shopping and both public and private schools. Almega believes that the Bathurst Manor community will continue to be highly regarded as a premium location due to its vibrant history and continued planned improvements.
For more information about Almega Corp. visit: almegaco.ca
SOURCE Almega Corp
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