Capstone Vision Attracts Strong Investment

Red Deer’s Capstone project is rapidly evolving, cementing its place as a cornerstone in the city’s future with continued development in both residential and commercial sectors. The mixed-use redevelopment project is excited to announce the sale of 1.6 acres of land to a private developer, marking another milestone in building a vibrant community in downtown Red Deer.

The sale of 1.6 acres of land to Abbey Platinum Master Built marks a pivotal moment in Capstone’s residential growth. This transaction will pave the way for the construction of 64 modern, stacked townhomes and a strategic commercial space at the corner of Alexander Way and 54 Avenue, just west of Carnival Cinemas. The development of townhomes will help meet the growing interest for quality, urban housing in the heart of Red Deer, offering a diverse range of living options for young professionals, families, and empty nesters alike. Plans for the project will be unveiled in early 2025.

Above: 1.6 acres of land (parcels L2 & L3) have been sold to Abbey Platinum Master Built for a townhome project. 

Mayor Ken Johnson expressed his enthusiasm for the spurred private investment, noting its importance to the city’s evolution. “We're excited to see growing confidence in the Capstone vision from the private sector. This new development reflects the strength of the vision and our dedication to bringing essential infrastructure to Red Deer. Abbey has received their development permit, and we’re collaborating closely to ensure smooth site preparation and construction.”

With these key milestones, Capstone is proving itself to be a critical driver of Red Deer’s downtown revitalization, creating a dynamic urban community that combines modern housing, commercial services, and convenient access to healthcare and other essential amenities.

"Over the next few years, Red Deerians can expect significant transformation in the community," said Cory Edinga, Capstone Project Manager. "Next summer, we’ll welcome new residents with the completion of The ALEX, developed by High Rise Properties, while the newly launched 5441 Centre by East Lincoln Properties has already introduced exciting new retail options to the area." He added, “If you haven’t visited recently, it’s worth a trip to see firsthand how Capstone is growing and evolving. There’s much more happening here than meets the eye.”

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.