WATERLOO -- The former Kraus Lands in Waterloo are up for sale.

The city's economic development division is looking for someone to buy and redevelop the property on University Avenue East.

The city says the property is about 33 acres.

The city's official plan designated the land, across from Fire Station 4 at 911 University Avenue East, for low density residential use.

According to a release on the city's website, the lands were purchased as part of a larger project involving construction of RIM Park. Selling the lands now will create more residential and commercial development in the city's east end.

The city says it's looking for proposals that make the best use of the site, advance its strategic plan and create a mixed-use area that "integrates with the surrounding community."

The development plan should include a mix of residential unit types, a food store up to a maximum of 4,645 square feet, an area dedicated to affordable housing, sustainable building features, multi-use transportation options and "amenities that cater to all ages with particular attention to universal design for an aging population."

Interested parties can find more information on the city's website.

Applications will be accepted until Sept. 24.