Ken Wessel admires the view from the top of the five-storey steel skeleton that’s risen in recent months near the corner of Gaetz Avenue and 55th Street.
From the fifth floor of Elements @ Rivers Edge, you can look down on the Red Deer River to the north or the leafy canopy that extends to the eastern horizon. Even the sight lines to the south are impressive, and sure to improve as the industrial buildings there are transformed into the proposed residential-commercial Riverlands area.
“You’ve just got to imagine what the cityscape is going to look like in the next 10 years as they develop that,” said Wessel, a partner in developer River City Developments Ltd.
In addition to the five-storey building, which includes two floors of commercial space and three floors of sprawling residential condominiums, Elements @ Rivers Edge will consist of a pair of two-storey commercial buildings along Gaetz Avenue and a three-storey restaurant and lounge adjacent to them. The project will feature plenty of stone, aluminum and 42,000 square feet of glass.
“We’ve been able to create something that I feel is going to be iconic to Red Deer for many years to come,” said Wessel.
Others agree, based on sales to date. Despite costing $439,000 to $690,000 — exclusive of interior finishing work — eight of the 12 residential condos have been sold. And about 70 per cent of the 40,000 square feet of condominiumized commercial space has been snapped up, with Summit Strategies, All Service Insurance Brokers Ltd., Riverside Dental Centre, South Hill Denture Clinic and Grande Prairie ophthalmologist Dr. Mila Bozdech all buying space.
The remaining 33,000 square feet of commercial space is being retained by River City for leasing purposes.
“Our leasing program will come out in the beginning of July, when we’ll be actively promoting it,” said Wessel.
He anticipates that residential and commercial buyers will gain access to their units by the end of October, and be able to move in early next year.
The steel construction performed to date has been the difficult part of the project, said Wessel, with installation of the buildings’ panelized system likely to occur quickly.
“Within eight weeks you’ll see all the windows in place.”
The restaurant will be the final phase, with that building’s base expected to be in place by winter. Although it’s still being designed, Wessel envisions a circular structure with 3,850 square feet of space on each floor.
“You don’t see a lot of round buildings; you don’t see the curvature that we have on ours. It compares more to something you might see in Vancouver.”
Higher-end dining will be offered on the first two floors, with a lounge on the third. Wessel hopes the business will be open by next summer and he’s currently talking to prospective operators.
“We’re working with a number of entities that are larger, national-type tenants.”
All told, the buildout of Elements @ Rivers Edge is expected to cost $32 to $34 million. But Wessel thinks its prime location and the opportunity to create something special in Red Deer makes the investment well worth it.
Additional information about Elements @ River’s Edge can be found online at www.elementsatriversedge.com.
hrichards@www.reddeeradvocate.com