Elements @ Rivers Edge should be welcoming its first residential and commercial occupants by March 31.
Ken Wessel, a partner in River City Developments Ltd., said Wednesday that about 85 per cent of the interior infrastructure for the trio of buildings near Gaetz Avenue and 55th Street is now complete. Some commercial tenants have already begun rough-in work, he added.
The project includes of a five-storey building that overlooks the south bank of the Red Deer River. Its top three floors are being developed for sale as condominiums: six measuring 3,125 square feet each and an equal number covering 2,273 square feet per unit.
Wessel said half of these condominiums have been sold, with deals pending on two more.
The lower two floors are designated for commercial tenants, with 33,000 square feet of space available.
“We’re trying to lease it as one space,” said Wessel.
The other two buildings, adjacent two-storey structures along Gaetz Avenue, have a combined 40,000 square feet of commercial space for sale. About 12,000 of this remains, with Summit Strategies, All Service Insurance Brokers Ltd., Riverside Dental Centre, South Hill Denture Clinic and Grande Prairie ophthalmologist Dr. Mila Bozdech buying the rest.
Wessel said River City has so far been relying on word-of-mouth promotion, but with the buildings now nearing completion the company plans to get more aggressive with its marketing.
“We’re actually going to start a mail-out type campaign right away and we’re adding our signage to the windows.”
The original goal was to have the buildings ready for occupant improvements by November, said Wessel. But delays in obtaining the 42,000 square feet of glass required for the project set that timeline back.
Part of the problem is that the supplier plans to use Elements @ Rivers Edge to showcase its product, and it’s going to great lengths to ensure performance and appearance.
“It’s a brand new tint that they’re using,” he said. “We’re the second building in North America for them to use.”
The final phase of Elements @ Rivers Edge will be a three-storey circular building containing a restaurant and lounge. Design work has started, and Wessel has already spoken with a couple prospective operators.
But construction won’t start until next year, or later.
“We’re going to let this (the residential and commercial) project finish out and then we’ll get more interested in that.”
Wessel previously estimated the cost of Elements @ Rivers Edge at between $32 million and $34 million.
Additional information about the development can be found online at www.elementsatriversedge.com.