Red Deer is adding 72 new residential units to the greater downtown area, resulting from The City’s Leading Forward Economic Incentives Program Council approved this past spring.
Applications for the program, developed to promote new downtown development and encourage vibrancy in the city’s core, closed July 5, 2021.Three types of funding were offered, including:
- Demolition of Vacant and Derelict Properties Rebate – City-wide
- New Residential and Mixed Use Development Grant – Greater Downtown Area
- New Residential Units in an Existing Structure Grant – Greater Downtown Area
Three applications were received for the New Residential and Mixed Use Development Grant along with one application for a large demolition project. All applications were approved and applicants have been notified. As a result of this funding, three new residential buildings will be added to the city’s greater downtown area, including:
- 5425 50 Avenue: Eight residential units with commercial on the main floor
- 4801 54 Street: 12 residential units with commercial on the main floor
- 5436 47 Street: 52 residential units in Capstone
A large demolition project was also approved, contingent on the project proceeding. Details will be announced when plans are finalized.
The total investment by The City of Red Deer is $825,000, which is estimated to generate over $20 million towards Red Deer’s recovering economy.
“We’re so pleased to be able to support new residential growth in our downtown. Through this program, we are leading Red Deer out of the pandemic and helping our local economy in its recovery,” said Erin Stuart, Acting General Manager for Development and Protective Services. “This funding will create local jobs, expand our tax base and the projects will serve as a catalyst for other development.”
For more information, please contact:
The City of Red Deer