730 affordable housing units could be built on vacant field near RIM Park, Waterloo city staff say
Waterloo city staff have identified 25 acres of city-owned land near RIM Park that could be used to build affordable housing.
In a report going to council on Monday, staff lay out a plan to develop around 730 units at 2025 University Ave. E. and ask councillors to greenlight the first step in the process.
The city initially purchased the land in 1999 when building RIM Park. It ultimately was not needed for the project and was rezoned “employment.” It has remained a vacant open field since.
A consultant contracted by the city estimated the property could support 480 stacked townhouses and 250 apartments, for a total of 730 new housing units. Staff say this would represent more than half of Waterloo’s provincial housing target for 2024.
In order to rezone the land, staff recommend seeking a Ministerial Zoning Order (MZO) as “the most expedient approach,” as opposed to going through the Region of Waterloo.
Pending further approvals and consultation, staff estimate the city could put a call out for housing development proposals in July and select its preferred option by December.
If the city were to give the land to a developer in exchange for building affordable housing -- as opposed to selling it -- a $4.7 million deficit from the city’s initial purchase could be recovered through a federal Housing Accelerator Fund grant, staff say.
The estimated cost of servicing the land is $7 million, which staff say could also potentially be paid for with Housing Accelerator Fund money.
CTVNews.ca Top Stories
Three dead, two hospitalized, following collision in Fredericton: police
Three people have died and two have been hospitalized after a speeding car struck a tree and landed on another vehicle in Fredericton Sunday morning.
Amid climate change warnings, Canadians lukewarm on electric vehicles
Amid scientists' warnings that nations need to transition away from fossil fuels to limit climate change, Canadians are still lukewarm on electric vehicles, according to a study conducted by Nanos Research for CTV News.
Montreal man on the hook for thousands of dollars after a feature on his Tesla caused an accident
A Montreal man is warning Tesla drivers about using the Smart Summon feature after his vehicle hit another in a parking lot.
Madonna's biggest-ever concert transforms Rio's Copacabana beach into a massive dance floor
Madonna put on a free concert on Copacabana beach Saturday night, turning Rio de Janeiro's vast stretch of sand into an enormous dance floor teeming with a multitude of her fans.
1 person killed and 23 injured in a bus crash in northern Maryland, police say
One person was killed and 23 others were injured when a bus crashed early Sunday on Interstate 95 in northern Maryland, police said.
Nylander defends Leafs' core after playoff exit, Toronto again picks up the pieces
The Maple Leafs battled back from a 3-1 series deficit against the Boston Bruins with consecutive 2-1 victories - including one that required extra time - in their first-round playoff series to push the club's Original Six rival to the limit before suffering a devastating Game 7 overtime loss.
El Nino weakening doesn't mean cooler temperatures this summer, forecasters say
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
‘Love has no boundaries’: Sask. couple in their 90s and 80s get married
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Video shows gaggle of geese stopping traffic on Highway 1 near Vancouver
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.