Abbey Platinum Master Built has purchased 1.6 acres of land in Capstone for a project to build 64 stacked townhomes.
Located at the corner of Alexander Way and 54th Avenue, just west of Carnival Cinemas, the mixed-use development will also include commercial space.
“We're excited to see growing confidence in the Capstone vision from the private sector. This new development reflects the strength of the vision and our dedication to bringing essential infrastructure to Red Deer," said Mayor Ken Johnston in a statement.
"Abbey has received their development permit, and we’re collaborating closely to ensure smooth site preparation and construction."
Plans for the urban housing project, that will offer a range of living options for young professionals, families and empty nesters, will be unveiled in early 2025.
The townhome project will be located beside THE ALEX, a 62-unit residential rental property that is under construction and expected to be ready for occupancy in 2025.
"Over the next few years, Red Deerians can expect significant transformation in the community," said Cory Edinga, Capstone project manager.
"Next summer, we’ll welcome new residents with the completion of The ALEX, developed by High Rise Properties, while the newly launched 5441 Centre by East Lincoln Properties has already introduced exciting new retail options to the area."
He said it’s worth a trip to see firsthand how Capstone is growing and evolving.
The Capstone community vision is to create a destination urban, mixed-use, community of 5,000 residents with retail and commercial services for easy access.