The transformation of Capstone took a significant leap forward today, with the announcement of the first sale of land, triggering approximately $36 million of multi-family residential development.
The City of Red Deer announced today that Calgary’s Brad Remington Homes will deliver approximately 180 new condominium homes to the community. The deal represents the first investment of private equity into the Capstone community, and sets the stage for additional interest from both commercial and residential developers.
“This is a turning point in our city history, which will prove to be transformative as a former industrial area transitions into a modern, walkable urban community”, said Mayor Tara Veer. “Capstone is a city-defining project and represents the next generation of living, working and recreating in our city, and prioritizes our downtown through densification and sustainable community design. Most importantly, this significant private investment in Red Deer demonstrates confidence in our local marketplace and vision for downtown revitalization.”
Earlier this year, The City initiated a direct marketing program to identify developers with the financial strength, brand reputation and expertise in multi-family community development to help deliver the vision for Capstone.
“Developer selection is a critical step in a redevelopment program of this magnitude, and so our outreach was intentionally broad”, said Allan Seabrooke, City Manager. “We developed specialized tools, conducted site tours and shared information with capable developers from across the province and the country, in an effort to find the right partner to help us deliver on our vision for this community.”
Brad Remington Homes, headquartered in Calgary, Alberta, has delivered over 3,500 homes in southern Alberta, and is known for its construction expertise and philosophy around home ownership.
“Our mission has always been to provide the highest quality home possible, while remaining affordable”, noted Brad Remington President and CEO. “I am impressed by The City’s vision for Capstone and believe that many Red Deerians will aspire to live in this riverside community. We’re thrilled about the opportunity to redefine a whole new neighbourhood, and revitalize downtown,” he added.
The vision of Capstone started in 2009 with the relocation of The City’s Civic Yards, which opened up the area to development. Since then, The City has been investing in the foundation for future growth, focusing on upgrading utilities and services in the area, building a Riverwalk pathway, road improvements, landscaping, increased parking and reimagined gathering spaces.
Capstone is on its way to becoming a vibrant, mixed-use community. The master plan vision, developed by urban strategists GEHL Studios, outlines character areas like the “Green Spine” and “Riverwalk“, which are intended to easily connect pedestrian and bicycle commuters to the Red Deer River valley and to the downtown core. With over three million square feet of residential opportunity, Capstone will be home to over 5,000 new residents when complete. Combined with an additional two million square feet of commercial and retail opportunity, the community represents a billion dollar real estate program.
Simultaneous to the land sale announcement, The City unveiled the highly anticipated 3D visualization of Capstone, giving Red Deerians and Albertans the first glimpse of what the community will look like in 2040 at full build-out.
“The release of the 3D visualization, and the sale of development parcels marks a significant milestone in the Capstone rejuvenation project and is a result of years of preparatory work and infrastructure improvements showing our commitment to the vision,” commented Tara Lodewyk, General Manager, Development and Protective Services.
Consumer Research conducted earlier this spring indicates that the future resident of the community – dubbed the ‘Cap Citizen’ - seeks to be connected to nature, while having the services and offerings of downtown Red Deer on their doorstep. Capstone is designed to be a prime riverfront address, an accessible city home, and a leisure destination for all Red Deerians.
For more information about Capstone or to view the 3D animation visit the website at liveincapstone.ca.
For more information, please contact:
The City of Red Deer