Waterloo approves large housing project that promises some affordable units

A newly approved housing development will see more than 3,300 units in 12 high-rise buildings on the former Kraus lands in Waterloo.

The project, called Conestogo Park Square, was approved by city councillors Monday night.

The Kraus lands are more than 13 hectares at the corner of Conestoga Parkway and Northfield Drive. Along with the housing units, it's anticipated the project will accommodate more than 8,000 square meters of employment and commercial space with amenities such as a food store and a daycare. 

The city has previously committed to adding 16,000 new housing units over the next eight years.

Waterloo Mayor Dorothy McCabe called the vision for the project "really phenomenal."

"Particularly one of the things that I like about this development is that it's taking an employment site that had become very run down, if people can visualize that, and is going to turn it into a really dynamic, vibrant home for thousands of people," she said during the meeting.

The lands that the development will be on is where the former Klaus Flooring world headquarters was located.

Affordable housing units to be included

Richard Boyer of Solowave Investments Ltd., which now owns the property, answered questions about noise mitigation, climate considerations and affordable housing during Monday's meeting.

Boyer said it was too early to say what percentage of the units will be affordable and within reach for residents.

"I think it's going to depend upon some of these, let's call it partnerships," he told council. "But we're also prepared to go at it alone … ourselves, but again, that's one of the items that our team still has yet to work on." 

But, he added, when it comes to affordable housing "it is our commitment that it will be a meaningful component."   

All the units are expected to be "purpose-built rentals" versus condos, according to Chris Pidgeon with GSP Group, who was also delegating at Monday's meeting.

The development will include a more than one hectare green space, named Central Park, and will be located close to two ION stations: Northfield Drive and Conestoga Mall.

The motion to move forward with the application for the project was passed unanimously by council.