CORNERSTONE DEVELOPMENT GROUP
Cornerstone Development Group (CDG) is a developer of Affordable Housing formed with one mission: To make Affordable Housing a reality for as many Ethiopians as possible. To achieve our goal we will innovate on affordable Mortgage products, partner with the Government to create a conducive ecosystem, and work with leading International development finance institutions to fund the projects. All while leveraging cutting edge construction technologies in order to lower construction cost and delivery times.
As a pilot project, we will break ground, in September 2021, on a dormitory housing project for the workers of the Hawassa Industrial Park. This world-class dormitory will be home to 6500 workers by Q1 of 2023. You can learn more here. Cornerstone has deep experience in real estate development, strong ability of managing complex construction projects, a strong balance sheet and a proven track record of raising financing. We look forward to Rethinking Affordable housing in Ethiopia and delivering Affordable homes to hundreds of thousands of low and middle income Ethiopians."
Our Team
Sirak Ambaye
Founder | CEO
Founder of Lynx Estates LLC in 2001, a boutique real estate development firm in St.Louis, MO with a focus on property development in up and coming locations. Co-founder of a Tax Office franchising company in California. Currently developing a 16 story extended stay Hotel in the Bole area of Addis Ababa. Sirak is an avid basketball player and a graduate of UCLA EP.
Hal Wright
Chairman | Co-Founder
With 40 years in Real Estate, Hal’s vision led to a new product class in the Hotel Industry: Extended Stay Hotel. He eventually led the development two different extended stay Hotels brands in the US Homestead Village and Extended Stay America. With the latter, Hal developed over 500 Extended Stay of America hotels. The company was publicly listed and sold to The Blackstone Group in 2004. Hal then bought 2000 acres of land in Costa Rica and developed residential and commercial real estate. Always an adventurer, he ventured to Africa and ended up building two Extended stay hotels in Zambia’s copper belt. Hal is a former Navy Officer and a graduate of Duke University.
Solomon Kelkai
COO
Solomon has over 25 years experience in development work in Ethiopia. As the Operation manager at REDD BARNA – a Norwegian aid development organization - he led the development of a housing community in a Leprosy stricken area of Addis Ababa, Ethiopia. He developed vocational training programs to turn homeless communities of Addis into independent daily laborers a few amongst many of his accomplishments.
Al Lopez
CFO
Al is the previous CEO of Blair Corp, a publicly traded company with over 2300 employees and $450 Million Revenues, he also served as the CFO of Sara Lee Corp, a $20 Billion diversified conglomerate and CFO of Dole Juice, a $1.8 Billion packaged juice company Al is the Founder and CEO of Alma Coffee, a sustainable 200 Acres Coffee farm in Honduras with a state of the art roasting facility in Atlanta. Focused on improving the life of farmers through a “farm to cup” business model. Al is a coffee and wine enthusiast and has an MBA from Vanderbilt University.
Winta Yohannes
Advisor to the CEO
Founder and Managing Partner of Axiom Ventures PLC., a boutique Consulting and Transaction Advisory firm based in Ethiopia. Winta Served on the Board of Enat Bank – A female founded bank in Ethiopia. Winta is also the Co-founder of First Capital Goods Leasing S.C, a foreign funded lease finance company with unique products geared towards empowering female entrepreneurs.
Yoadan Tilahun
Advisory Board
Mrs Tilahun is the founder and managing director of Flawless Events. A leading and regional events company recognized for its organizational excellence among the international development, private and government sectors. Her vision continues to grow with plans to further improve regional industry standards. Yoadan leads Flawless Events with a keen eye for design and detail and a passion for flawless delivery. Yoadan is an enthusiastic advocate for professionalizing the MICE industry in East Africa. She is also an active member of the International Congress & Convention Association (ICCA). Yoadan serves as the president of the Ethiopian Events & Exhibition Organizers Association. She leads an all female team, holds a MBA in International Business and is fluent in Amharic, English and French.
