The former Rancher’s Valley Inn could be welcoming tenants next month.
The historic downtown hotel has undergone a multimillion-dollar expansion and makeover, with 71 apartments and 13,500 square feet of commercial space resulting. Work on The River Valley — the building’s new name — continues, but owner Potter’s Hand Developments is accepting applications from prospective renters.
“Hopefully by Feb. 1 some people will start moving in, and we’re hoping that all 71 will be available very shortly,” said Stan Schalk, who operates Potter’s Hand with his business partner Peter Leyen.
All of the apartments have bathrooms, and kitchens with appliances, and 13 of the units are handicapped-accessible.
Sizes range from 280 to 710 square feet, with bachelor suites to rent for $400 a month, one-bedroom apartments for $500, and two-bedroom units for $600, including utilities.
Designated an affordable housing project, Rancher’s Valley Inn is restricted to tenants who earn about $34,000 a year or less, said Schalk.
Renters are also required to sign an agreement pledging to lead a crime-free lifestyle — part of the City of Red Deer’s crime-free multi-family housing pilot project.
“They approached us a couple of months ago,” said Schalk, adding that the agreements should give Potter’s Hand some “leverage” when dealing with troublesome residents.
Applications will be screened to ensure suitable tenants are accepted, he said.
“People who are going to fit in the downtown core and make good neighbours.”
Red Deer College’s decision to locate its Donald School of Business in the Millennium Centre to the southeast is likely to generate student demand for downtown housing, said Schalk, and the 5017 49th St. building’s proximity to a grocery store, transit service and other downtown amenities should boost interest too.
“Lots of people are interested and we have quite a few applications in already.”
Potter’s Hand is also seeking commercial tenants for the main floor of the four-storey building. The corner at the intersection of 49th Street and 51st Avenue has been earmarked for restaurant development, with four bays on either side — each containing 1,000 to 1,500 square feet — available for retail, service or other shops.
Another 4,000 square feet have been designated for office use.
“There’s a lot of drive-by traffic,” said Schalk of the appeal to businesses.
He added that there’s also plenty of parking nearby.
The commercial space should be available for leasehold improvements within a month, he said.
Renovating and adding a third and fourth floor to the Rancher’s Valley Inn was no simple feat, acknowledged Schalk.
“There were a lot of challenges because it was a building where the third and the fourth floor are structurally independent of the existing hotel.”
That necessitated a lot of steel and foundational work, and the entire roof had to be removed.
“We just tried to take it one little bite at a time.”
The total cost of the project, including acquiring the property, was around $7.5 million. About $5.2 million came from provincial and federal grants for affordable housing.
Schalk previously indicated that Potter’s Hand might develop a second phase of The River Valley on a city-owned parking lot to the south.
“At this point, that’s not a go,” he said on Wednesday, citing land costs and other financial considerations as reasons.
Potter’s Hand owns several other affordable housing developments in the city.
Additional information about The River Valley, including tenant application forms, can be found online at www.rivervalleyapts.ca.
hrichards@www.reddeeradvocate.com