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Red Deer’s Carnival Theaters could be remodeled into a residential/commercial complex following a public hearing Monday.
The City Council gave the final reading on an expedited rezoning and then thanked the building’s owner, Bill Ramji, for allowing its high-profile assets to be remodeled in an allocation that will go to the city and the Capstone neighborhood.
Lawrence Lee said that new apartments in this area will generate more and more investment. With this assignment and a few others, “Capstone is on fire,” he added.
Ramji hoped to move the theater. But in the past, he has added that market forces, coupled with a slew of on-demand streaming services, stand in the way of its reopening.
The theater is expected to close its doors at the end of the summer.
The city administration supported the proposed rezoning because it aligns with a city policy that encourages infill residential development. The Capstone neighborhood has the capacity to generate density and more housing is needed for the long-term vision of the community.