A $36-million condo development will kick off the City of Red Deer’s transformation of the Capstone area.
It’s being billed as a major downtown revitalizer by Mayor Tara Veer, who noted having 180 more individuals and families living in the city’s core will provide a boost for existing businesses, as well improve the prospect of gaining more downtown attractions.
The first sale of 2.5 acres of city land to Calgary developer Brad Remington Homes was announced Thursday.
Company owner Brad Remington said he plans to build about 180 new affordable condominium homes in three four-storey complexes on an empty lot just west of Carnival Cinemas.
The one- to three-bedroom units will sell from $160,000 to $250,000 and are expected to go on the market next spring, once the city’s development and building permitting process wraps up.
Remington expects they will be move-in ready by the spring of 2022.
Having cycled along Red Deer’s bike paths, Remington said he began to visualize how great it would be to live in the heart of this city, within a short walk of the riverside trails and city parks.
“I could picture myself living here,” said Remington, who intends to bring his bike to keep taking advantage of the trail system while he’s working here.
The deal between the developer and the city represents the first investment of private equity into the Capstone community.
As the city has about 18 acres for sale in Capstone, Veer hopes this is the start of many other such partnerships with commercial and residential developers.
“This is a turning point in our city history,” added the mayor, who believes the condo development will begin transitioning a former industrial area “into a modern, walkable urban community …
“Capstone represents the next generation of living, working and recreating in our city.”
The investment “prioritizes our downtown” and demonstrates confidence in Red Deer as a growing marketplace, Veer said.
Earlier this year, city staff began seeking developers with the financial ability and proven expertise in creating multi-family community development.
City manager Allan Seabrooke said, “Developer selection is a critical step in a redevelopment program of this magnitude, and so our outreach was intentionally broad.”
Brad Remington Homes was chosen because it has constructed more than 3,500 homes in southern Alberta, primarily in Calgary.
Seabrooke said the company has a reputation for quality building and a philosophy of creating affordable homes for working people.
Remington was impressed by the city’s vision for Capstone and believes many Red Deerians will aspire to live in this riverside community.
“We’re thrilled about the opportunity to redefine a whole new neighbourhood,” said the developer, who sees young families and first-time home buyers, as well as older people who want less responsibility, as new condo owners.
In 2009, the city began the area’s transformation by relocating the civic yards. Since then, utilities and services have been upgraded, the Riverwalk pathway built, and road, landscaping and parking improvements done.
The Capstone vision was developed by urban strategists GEHL Studios, outlining connected pedestrian and bicycle trails to the Red Deer River valley and to the downtown core.
By 2040, the plan is to have more than 5,000 new residents in the neighbourhood, as well as two million square feet of commercial and retail developments.