The City of Red Deer is proud to announce the groundbreaking of the first residential project as part of the Capstone redevelopment program and urban revitalization initiative.

The developer, High Rise Properties Inc., is poised to embark on a transformative journey, enriching the riverside community’s living experience with the construction of a five story, 62-unit residential development along Alexander Way, west of Carnival Cinemas.

The much-anticipated project, known as ALEX holds an estimated value of $20 million and will feature a diverse range of one and two bedroom options, with rent starting under $1,000 per month. This construction signifies a milestone in the ongoing efforts to rejuvenate the Capstone neighbourhood, converting the former City civic yards into a dynamic and sustainable community.

After promoting this opportunity to regional home builders and developers, High Rise Properties Inc. emerged as the ideal partner for this project. Red Deer’s Sorento Custom Homes – a custom home builder and partner of High Rise Properties Inc. – will act as the project manager and builder for the project.

“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 construction of ALEX contributes to The City’s vision for sustainable growth, downtown revitalization, and an improved quality of life for Red Deer residents. The development is designed to meet the diverse housing needs of the community, offering modern and comfortable living spaces while enhancing the overall appeal of the Capstone neighborhood.

“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 Capstone community vision establishes the neighbourhood as a destination urban, mixed-use, community of 5,000 residents. With significant retail and commercial offerings nearby, future residents will have their living needs conveniently met.

“For the past 24 months, we have been purposefully educating and engaging with Red Deerians, on the build-out and vision of this community,” said Cory Edinga, Capstone project manager. “Interest is high among future residents who foresee the benefits of living near recreational and cultural amenities, health services, and the soon-to-be expanded Red Deer Regional Hospital.”

With earthworks and servicing starting today, ALEX is expected to be ready for occupancy in 16 to 18 months.

About Capstone Redevelopment:

Imagined as a riverside community of 5,000 new residents, Capstone represents a new way of living in Red Deer. Nestled along the banks of the Red Deer River within walking distance to historic downtown and the Red Deer Regional Hospital, Capstone is a master planned, multi-family neighbourhood filled with new friends, new conveniences, and new energy.

About High Rise Properties Inc:

High Rise Properties Inc. is focused on creating innovative and sustainable urban developments. With a focus on quality craftsmanship and superb property management, High Rise Properties Inc. is committed to contributing to the growth and vitality of the cities it serves.