WATERLOO — In a proactive move to enhance its affordable housing offerings, the City of Waterloo has advanced a proposed development project slated for the north end of the city.
Positioned at 2025 University Avenue East, adjacent to RIM Park, the initiative aims to introduce approximately 700 new residential units, with a significant portion designated for affordable housing.
A recent report suggested that the 10-hectare site could accommodate approximately 480 stacked townhouse units alongside 250 apartment units, resulting in a total of 730 new dwellings.
The units are intended to cater to a diverse demographic, encompassing both affordable non-market housing and attainable market housing.
The city has opted for the Minister’s Zoning Order (MZO) to expedite the development process.
The strategic move endorsed unanimously at a council meeting, underscores the municipality’s commitment to efficiently addressing the pressing need for affordable and attainable housing options.
Notably, the parcel of city-owned land, presently zoned as employment (E1 – 27), is proposed to be rezoned to accommodate residential development.
Originally, the site was acquired by the city in 1999 during the construction of RIM Park.
The site has remained vacant for over two decades, presenting an opportunity for residential redevelopment.
Notably, a portion of the land features wetlands, which necessitates collaboration between the City of Waterloo and the Grand River Conservation Authority (GRCA) to devise strategies for navigating this ecological consideration.
The council is currently planning to decide on the submission of the MZO application by the end of May.
Should the application garner approval, the city intends to commence development activities promptly.
Further details are to come as the development proceeds through the planning process.
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