Capstone 2024 Review: A Year of Growth and Transformation

2024 was a transformative year for Capstone, as the community truly began to thrive with exciting new construction projects, retail openings, and engaging neighbourhood events. Capstone took bold steps toward becoming a vibrant, connected hub where people will live, work, and build lasting connections. Here’s a snapshot of some of the standout moments that defined this remarkable year:

• A retail and commercial market analysis by Vancouver’s Urban Systems uncovered a strong demand for 83,000 square feet of retail space within the community, particularly in food and beverage, boutique grocery, and service retail. This valuable insight has sparked the arrival of exciting new businesses like Fetch Haus, Booyah Bagels, Rise Bakehouse, and Bo’s Sandwich Club (to name a few) enriching the Capstone retail experience. These vibrant additions highlight Capstone’s evolution into a dynamic destination, thoughtfully designed to meet the needs of both residents and visitors while fueling the area’s growth and appeal.
• On the residential front, Capstone reached an exciting construction milestone with the capping off and enclosure of The ALEX, its first new residential building. Developed by High Rise Properties LTD., The ALEX project marks a significant step forward for urban living in the community. With the exterior now complete, crews have moved on to the next phase—focusing on finishing the interior spaces and bringing the vision of modern, urban living to life.
• In response to growing demand for residential product, Red Deer City Council approved the application to amend the Land Use Bylaw and Capstone Area Redevelopment plan, which rezoned the Carnival Cinemas site to CAP- PR (Capstone Primarily Residential District). This work paves the way for a mixed-use residential and commercial project at the high visibility corner of Taylor Drive and Alexander Way.
• Capstone’s prime location next to the Red Deer Regional Hospital, currently undergoing a transformative $1.8 billion expansion, is helping to establish the community as a thriving health district. The addition of a new cardiac catheterization lab—fast-tracked to open ahead of schedule—further strengthens Capstone’s appeal, positioning it as a key area for healthcare innovation and growth. This enhanced medical infrastructure is not only improving healthcare services for residents but also driving increased demand for housing and commercial spaces, further fueling Capstone’s evolution as a dynamic, health-centered neighbourhood.
• The Capstone project team announced the sale of 1.6 acres of land to Abbey Platinum Master Built of Red Deer, marking another important step forward in the realization of the community vision to build 2,000 homes. This sale paves the way for the construction of 64 modern, stacked townhomes on parcels L2-L3 (see map below). With continued high interest in the community for residential development, this project is a key milestone in the ongoing transformation of Capstone.
• Capstone hosted a variety of events that drew thousands of Red Deerians throughout the year. From community gatherings, civic celebrations to recreational activations, these initiatives fostered a sense of belonging and showcased the neighbourhood’s growing appeal to prospective residents.

As Capstone continues to grow, it’s creating exciting new opportunities for people looking for modern, affordable living spaces. With Alberta’s population on the rise, thanks to the province’s strong economy and affordable housing options, Capstone is becoming a top choice for those looking to invest in their future. Whether you're searching for a new home, a place to shop, or a spot to work, Capstone is the perfect place to find what you're looking for.