Brad Remington, President and CEO of Brad Remington Homes, and Mayor Tara Veer. (rdnewsNOW/Josh Hall)

By rdnewsNOW staff

180 homes

$36M condo development announced for Capstone

Oct 29, 2020 | 12:22 PM

A multi-family residential development worth about $36 million has been announced for Red Deer’s Capstone community.

The City of Red Deer said Thursday that Calgary’s Brad Remington Homes will deliver approximately 180 new condominium homes, representing the first investment of private equity into the Capstone community.

Three buildings, four to five storeys in height, will be located on the northwest corner of Alexander Way and 54 Avenue. Units will range from one bedroom and 664 square feet to a deluxe three-bedroom unit at just over 1,000 square feet. Prices will range from $160,000 to $200,000.

“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, further describing the agreement with the developer as catalyzing.

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“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.”

Veer said The City hopes other developers will see this announcement and recognize there is confidence in what the area could become.

Capstone is located downtown where the city’s Civic Yards once stood, and was formerly known as Riverlands.

Brad Remington Homes has done most of its work in Calgary, and also built a hotel in Banff. The award-winning company has delivered over 3,500 homes in all.

“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.”

Remington noted that shovels will hit the ground in 2021 once the development and building permit phase is completed with The City. With sales starting next spring, residents could be living in these buildings by spring 2022, he said.

Meantime, to go along with the developer announcement Thursday, The City released a 3D visualization created to show what Capstone should look like come 2040.

As depicted, The City envisions Capstone to be home to breweries, a boutique hotel, river promenades and an outdoor food court, in addition to the already existent Canada 150 Square.

There will be more than 2,000 condominiums and townhomes – all multi-family structures – with approximately 5,000 residents, what the City is calling ‘Cap Citizens.’

“With our affordable homes, our customer has changed over the years,” Remington added. “Typically we’re first time buyers and anyone in their 30s, but we’re seeing more down-sizers now. You can imagine why we’re busy; people are spending more time at home and saying it’s not perfect for me.”

Capstone development parcel map: Parcels being developed by Remington are L1, L2, and L3, and can be seen in green in the top right quadrant of the map. (City of Red Deer)

Mayor Veer noted that the once-planned bridge to connect Capstone to Bower Ponds wasn’t included in the video because it is not currently a part of The City’s 10-year Capital Plan.

To follow along with the progress of Capstone, visit liveincapstone.ca and the new capstonepark.ca.