Waterloo approves first step for hundreds of affordable housing units near RIM Park
Posted Apr 29, 2024 06:46:07 AM.
Last Updated Apr 30, 2024 07:42:08 AM.
As part of its affordable housing strategy the City of Waterloo has approved a plan for more affordable housing, in the north end of the city.
The land in question on 2025 University Avenue East, near RIM Park could support up to 700 new units, many of which would be affordable.
City staff presented a proposal to utilize the land for affordable housing during a council meeting Monday afternoon.
Council voted unanimously Monday to approve a zone change on the nearly 25 acres of land, converting the lands from employment to residential.
Documents suggest the site could support up to 480 stacked townhouse units and around 250 apartment units reaching 730 new units in total.
Many of those units would be a mix of affordable non-market housing and attainable market housing.
The plan was unanimously approved.
It’s estimated the plan could cost the city around $7 million to service the land, but city staff maintain that cost has been accounted for in the 2024-2026 capital budget.
In addition, the land contains a portion of wetland that would be unusable for development and require the city to consult the Grand River Conservation Authority on how to best work around it.
