Elad Canada has adopted a new name with dual meaning. The real estate development, investment and asset management company is now known as Almadev, but will retain its corporate structure and leadership team.

Alma, which translates as “soul” in Spanish and “world” in Aramaic, was chosen to signify the 20-year-old company’s specialization in master-planned communities in tandem with a portfolio of income-producing properties. Galleria on the Park, a mixed-use redevelopment of an aging shopping plaza in midtown Toronto, and Emerald City, a 35-acre mixed-use development near Toronto’s Sheppard subway line, are among the high-profile projects currently on Almadev’s roster. The company also holds about 6 million square feet of office and industrial space in Canada and the United States.

“Almadev perfectly encapsulates our unique ethos around real estate, and it represents our drive to continuously improve and push ourselves in new directions,” says chief executive officer, Rafael Lazer. “We remain committed to delivering quality communities that thoughtfully integrate a diverse mix of uses, including: residential, retail, affordable rental, commercial, community hubs and green space. At the same time, we will continue to cement our position in North America through quality ownership of office and industrial properties through Agellan Commercial REIT.”