WATERLOO — Waterloo City Council has approved a substantial residential development in the Lakeshore area near the Albert McCormick Community Centre.
The project, led by Hickory Terraces Limited, will see the construction of a large rental complex at 535 Quiet Place.
The development received approval from the council on February 14, 2022, but construction has not begun at this time.
The 1.2-hectare, triangular property is situated north of Bearinger Road and west of Albert Street, bounded by the LRT corridor to the north and a multi-use trail to the east.
The development will feature three eight-storey residential towers, all connected by a four-storey podium, reaching 12 storeys.
The complex will house 423 rental units, totalling 735 bedrooms. The unit breakdown includes 111 one-bedroom units and 312 two-bedroom units.
Despite the significant scale of the project, affordable housing units are not included.
The development plan incorporates a total of 424 parking spaces, split between 302 underground and 122 at-grade spaces.
The parking rate equates to a parking ratio of approximately 0.9 spaces per unit, representing a 10% reduction from the standard requirement of one space per unit.
In addition, the site will include 254 bicycle parking stations, aligning with the city’s push for sustainable transit options.
Located near the ION light rail transit (LRT) tracks and the Waterloo Trail, the development is well-positioned for public transit access.
The proximity to the newly upgraded Albert McCormick Community Centre and a planned trail linking the University of Waterloo to the St. Jacobs Farmers Market further enhances connectivity for future residents.
The city has lifted a holding provision from the property, previously placed due to its proximity to a rail line, to accommodate the development.
The zoning has been amended from (Holding) Residential Mixed-Use 40 ((H)RMU-40) to Residential Mixed-Use 40 (RMU-40), allowing the project to proceed without the holding restrictions.
A reduced parking rate has also been approved, ranging from the required 1.0 to 0.9 spaces per unit.
City staff support the development, highlighting its consistency with provincial policies that advocate for higher density in areas served by public transit.
The development aligns with the broader goals of intensification and urban growth management.
The approval of the development marks a significant change for the Lakeshore area, which is predominantly characterized by townhouses.
The introduction of high-density residential towers is expected to reshape the local landscape and contribute to the city’s housing supply.
The integration of bike and vehicular parking, along with the proximity to transit routes, aims to support a modern and connected urban lifestyle.
As the city moves forward with this project, the focus will be on ensuring that the development enhances the community while meeting the needs of future residents.
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