Red Deer city council gave first reading on Monday towards a land sale that will pave the way for a proposed restaurant overlooking the river.
River City Developments has asked if it can buy city surplus land next to its commercial/housing development at 5016 55th St., located on the northern edge of Red Deer’s downtown. The developer would use the land for parking.
As part of the land sale, a portion of the land would be rezoned to Direct Control from Parks and Recreation District, which would allow for construction of a restaurant and associated parking.
Elements @River’s Edge is being built and will consist of 12 residential units in the five-storey project.
The developer is also building 37,000 square feet of condominiumized commercial space in two adjacent buildings. A further 38,000 square feet of commercial space is available for lease, including 28,000 on the bottom two floors of the residential building.
The fourth building will be built on the south side. This three-storey structure will have two floors of restaurant, with a lounge on the very top floor.
Second and final readings of the land-use bylaw amendment will be discussed at a future council meeting.