The Capstone redevelopment in the City of Red Deer has just had its first residential ground-breaking.
A five-story, 62-unit residential development is being constructed on Alexander Way, west of Carnival Cinemas. The building is valued at $20 million and will offer one and two bedroom options for rent.
"This is a great day for downtown Red Deer and a significant milestone for the Capstone community,” said Mayor Ken Johnston. “Downtown Red Deer, like most downtown centres, suffered during the pandemic and to see vibrancy and investment returning, gives me great confidence that we have turned the corner. We are proud to partner with High Rise Properties to bring this project to the market.”
The building is being developed by High Rise Properties and Red Deer’s Sorento Custom Homes will act as the project’s manager.
“We are excited to be part of Red Deer’s future,” said Mark Macleod of Sorento Custom Homes. “High Rise Properties Inc. is focused on building, owning, and managing affordable, high quality multi-family assets and Capstone represents a great opportunity for Sorento to showcase our knowhow, service and craftmanship. Together with our project team, including Bettenson’s Sand & Gravel, Northside Construction and Eagle Builders, we are eager to get started today.”
The building is expected to be ready for occupancy in 16 to 18 months.
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