An upscale condominium project in southeast Red Deer that faltered during the economic downturn is moving forward.
Venu Urban Residences will be the site of an open house this Saturday, with units in the project open for viewing.
Launched in 2006 as a $30-million project with amenities like a resident chef, movie theatre and wine bar, the development suffered from poor sales after the recession hit.
Carrie Smith, a spokesperson for developer Lancaster Developments, said Phase 1 is now complete. It consists of a three-storey building with approximately 100 units, including a number of two-storey suites. Seven townhouses, or “coach homes,” were also built as part of the first phase.
Smith said many of the units are now owner-occupied, with others being rented out. About 10 remain vacant.
All of the coach homes have been sold, she added.
Design work on Venu’s second and third phases are now underway, said Smith.
In addition to a chef and movie theatre, the development boasts a fitness facility with a personal trainer and massage therapist. It also offers concierge service.
“They’ll do anything, from your faxing to your dry-cleaning — whatever you need,” said Smith.
Residents also belong to a Vendor VIP program, which entitles them to discounts at a number of local businesses.
Saturday’s open house will take place from noon to 5 p.m. at 2660 22nd St.