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
'I have the will to live': N.B. woman needs double lung transplant
A New Brunswick woman suffering from sarcoidosis, a disease that limits your lung capacity, is in need of a double lung transplant.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
The kids from 'Mrs. Doubtfire are all SUPER grown up now, and we're not OK
The adorable trio of child actors from the 1993 classic comedy 'Mrs. Doubtfire,' which starred the late and great Robin Williams, are all grown up and looking back on their seminal time together.
Video shows suspect setting Toronto-area barbershop on fire
Video of a suspect lighting a Richmond Hill barbershop on fire earlier this week has been released by police.
Hulk Hogan, hurricanes and a blockbuster recording: A week in review of the Trump hush money trial
Crucial witnesses took the stand in the second week of testimony in Donald Trump's hush money trial, including a California lawyer who negotiated deals at the center of the case and a longtime adviser to the former president.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.