A public hearing has been scheduled for the massive residential phase of the Cornerstone Olds project, a development in the town's northwest that could in the years ahead see a new neighbourhood with more than 1,000 residents.
The proposed development's area structure plan (ASP) in the town's northwest passed first reading at town council on Aug. 22.
It will be brought back to council Sept. 12 for the public hearing, and for council's consideration for second and third reading.
“It's huge. It will take some time to build that out,” said Norm McInnis, the town's chief administrative officer.
The entire Cornerstone ASP in the area of Hwy. 27 and 70 Avenue covers more than 126 acres, including the existing 40-acre commercial component that includes new Wal-Mart, Canadian Tire, Sobeys and Staples outlets.
The residential phase will include 239 single-family lots, with each ranging in size from 40 ft. to 44 ft. wide. At a density of 2.5 persons per lot this area could contain a total of 598 people.
The development is also envisioning 34 general residential narrow lots with each having a 34 ft. frontage. This section would also have a density of 2.5 persons per lot. When completed it could have a total of 85 new residents.
There will also be a general residential district in the development. The plan is to have 48 lots with a frontage of between 40 and 44 ft. The density is again set at 2.5 persons per lot. At build-out this section could have a total of 120 people.
Finally, there will be a multi-family component that would border the north side of the development's commercial area. This multi-family area has already been constructed consisting of multi-storey buildings. The proposed new multi-family area is planned to overlook the proposed large sports field area.
The proposed zoning for this area will allow for the construction of duplexes, townhouses, row houses, multi-storey buildings, and seniors housing facilities.
The plan is to build 104 multi-family units with a density of 2.0 people per lot. This could potentially mean a total of 208 new residents, although this is only an estimate at this time as design work or lot designs have yet to be created.
If council adopts the ASP on Sept. 12 McInnis is confident the project could begin before the end of the year.
However, it also could take many years for the project to be completely realized, as the plan is to see it built in phases.
McInnis said the Cornerstone residential development proposal is just one more sign that Olds is well positioned in the present and future to be an attractive Central Alberta destination for new residents.
“There is lots going on here,” he said.
Along with Cornerstone Olds, there are many other approved residential development plans ready for the community, including The Vistas, Discovery Plains and the Olds Highlands.
“We are going to be working through these area structure plans for years to come,” said McInnis.
