WATERLOO — Forgestone Capital Management Ltd., a prominent developer, has unveiled ambitious plans to transform the intersection of Northfield Drive and Weber Street North into a vibrant mixed-use community.
The proposed development spans 170-200 Northfield Drive West and 570-655 Weber Street North, encompassing approximately 16.2 hectares of land.
The development aims to introduce a high-density residential community alongside commercial and employment spaces.
The plan includes 13 high-rise towers ranging from 25 to 40 storeys atop 6-storey podiums. The buildings will offer a total of 4,257 residential units and cater to a mix of one-, two-, and three-bedroom configurations.
The towers will be complemented by four 1-storey buildings allocated for commercial and employment purposes, totalling approximately 21,920 square metres of employment space and 360 square metres of commercial space.
The proposed development incorporates extensive parking provisions, including 5,139 spaces primarily underground, along with bicycle parking for 2,773 bicycles.
Moreover, the plan allocates significant amenity spaces, both indoor and outdoor, to foster a vibrant community environment.
Several amendments to the Official Plan and Zoning By-law are being sought to facilitate the project.
The proposed Official Plan Amendment includes a change in land use and modifications to Specific Provision Area 42, adapting policy frameworks to accommodate the mixed-use development.
The amendment seeks to re-designate portions of the lands from ‘Employment’ to ‘Mixed-Use High Density Residential’ and modify the policy framework of SPA 42 accordingly.
The proposed Zoning By-law Amendment implements changes to establish new zones for the lands and site-specific provisions to guide development.
The amendment seeks to rezone portions of the lands to a ‘Residential Mixed-Use’ (RMU-81) Zone and ‘Station Area Business Employment Two B Zone’ (E2B-81), with modifications to accommodate the proposed development’s density, building heights, setbacks, and other requirements.
The project is proposed to be executed in three phases over several years. Phase one primarily focuses on residential components, followed by the integration of employment buildings and further residential expansion in subsequent phases.
Situated within the Northfield Major Transit Station Area, the development aims to leverage proximity to public transit services, including the Northfield ION LRT platform, to encourage sustainable transportation modes.
The proposal includes the creation of privately owned publicly accessible spaces (POPS) and parks to enhance the livability of the community.
Pedestrian and cycling connections will be prioritized within and around the development. Forgestone Capital Management aims to revitalize the subject lands, optimizing their potential while adhering to regulatory frameworks and community needs.
The project represents a significant step towards creating a dynamic urban hub that integrates residential, commercial, and employment functions while promoting sustainability and connectivity.
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