Waterloo moves closer to developing towers in heart of Uptown
Posted Mar 12, 2026 07:28:50 AM.
Last Updated Mar 12, 2026 10:50:50 AM.
Plans are inching forward in the construction of residential towers on the doorstep of Waterloo Public Square.
On Monday, Waterloo council approved the expropriation of a parcel of land that’s home to the now-empty Atrium building at 33 Erb St., a move that will consolidate the land there in preparation for significant development.
The Atrium building, which housed multiple businesses, was sold to developers in 2021. The site currently holds parking for those who wish to access Waterloo Square and Uptown Waterloo.
With approvals from the Ontario Land Tribunal, the lot was taken by the city from Tricap Properties, an investment and development company, in order to consolidate the lot next door to Waterloo Public Square.
The city has plans to spark the development of a pair of residential towers and a park on that site.
Though Tricap contested the OLT’s decision, the tribunal decided that handing ownership over to the City of Waterloo would achieve more “coordinated and comprehensive development,” adding that the move would allow for “the reconfiguration of the parking possible in the near term and the development of the vacant lands in private ownership more imminent.”
As for what could be built on that lot, Momentum Developments has proposed a 39-storey tower with 412 units of housing and parking on site. If built, it would be the tallest tower in the city.
Providing more housing in Waterloo remains a central goal of council. According to staff, Uptown Waterloo is experiencing low residential vacancy rates at just 1.1 per cent, and the city is attempting to add 16,000 units of housing by 2031.
No approvals or timelines are currently in place for this project.
