With construction well underway on a 12-storey, 308-unit purpose-built apartment building at 824 Sheppard Ave. W. in Toronto’s Sheppard West neighbourhood, the development team behind that project, a joint venture between Almega Corp. and Brixen Developments, appears ready to follow the same redevelopment strategy at 60 Dundas St. E. in Mississauga.

The development team acquired a small strip retail centre at that address for $39.65 million, or approximately $1,382 per square foot, with redevelopment plans for a new project totaling approximately 750,000 square feet with roughly 900 apartment units on the southeast corner of Dundas Street East and Shepard Avenue in Mississauga’s Cooksville neighbourhood designed by Chamberlain Architects.

The developers, who plan to draw on their collective experience in land entitlement, pre-development sales, construction management, and property management, expect approvals within approximately three years, with the project expected to be built out over a 10-year period. Almega is expected to serve as development manager, working alongside Brixen to advance the proposed redevelopment.

Almega and Brixen also acquired and demolished a small retail centre for their 824 Sheppard Ave W project.

The sale underscores the premium investors continue to place on well-located urban infill redevelopment sites with significant density potential. Located near Bus Rapid Transit, Light Rail Transit, and GO Transit services, the site is well-positioned for transit-oriented redevelopment.

Founded in 2011 by Basem Hanna, who serves as the company’s president and CEO, Almega Corp is a vertically integrated Canadian private real estate development company. Brixen Developments was formed in 2019 by Alexander D’Orazio and Andrew Iacobelli. The two companies announced a strategic joint venture in June 2024 to collaborate on additional residential and rental developments.

Source Costar Click here for the full story.