Next step approved for housing project near RIM Park

Next step approved for RIM Park housing project Waterloo councillors have approved the next step in a major development near RIM Park. CTV's Krista Simpson explains.

Waterloo councillors have approved the next step in a major development that would create hundreds of affordable and attainable housing units near Rim Park.

“This process that we’ve been going through… I think for council it’s one of the biggest decisions certainly that we’ll make in this term,” Mayor Dorothy McCabe said while opening the discussion at council Monday night.

Council unanimously approved a team made up of Habitat for Humanity Waterloo Region and BUILD NOW: Waterloo Region as the preferred developer for the project.

The decision is a continuation of a process that started back in April, when council approved a plan to look at building an affordable housing development at 2025 University Ave. E.

It's a 25 acre parcel of land next to Rim Park, purchased in 1999 when that facility was being built.

Habitat for Humanity/BUILD NOW have proposed a development of 23 residential and mixed-use buildings ranging from three to nine storeys high.

It would include a total of 1,010 residential units, plus commercial and amenity spaces and outdoor patios, a plaza, gardens and parks.

About 30 per cent of the units will be considered affordable rentals, meaning they would be offered at or below 80 per cent of average market rent.

Another 30 per cent will be affordable ownership units, costing around $390,000 for a one bedroom unit.

Forty per cent will be two to four bedroom attainable ownership units costing around $490,000 or less.

“I see this as an opportunity for the city to take a 25 acre parcel of municipally-owned land and transform it into a new community that Waterloo residents need,” McCabe told council. “It’s close to parks, it’s close to walking trails, active transportation, a GRT express route, the new East Side Library and more.”

Habitat for Humanity Waterloo Region will oversee and be responsible for the project, while BUILD NOW, another non-profit organization, will coordinate development.

The project is being funded in part by $22 million provided by the federal government’s housing accelerator fund.

The city will be providing the land, valued at around $20 million, at little to no cost. Five million dollars from the federal government would be used to reimburse the city for the outstanding balance still owed on those lands.

“I just really believe that the size, scale and scope of this is unprecedented, and this is a tremendous step forward for our city and people who live here and people who want to live here,” McCabe said after the council vote.

Next Steps

The goal is for the city to formalize details with Habitat for Humanity/BUILD NOW by the end of January, so that by the end of 2025 the developer will have building permits for at least 50 units.

Mayor Dorothy McCabe asked during the meeting if that goal could be increased to 100 or 150 units.

“I think we’ll have to work with our partners to negotiate something,” Michelle Lee, Senior Policy Planner, Growth Management at the City of Waterloo, replied. “I really couldn’t say what’s possible or not possible at this stage.”

“I think that it is fairly evident that the city really, really wants to move forward quickly and we will do the best we can to bring as many units forward as quickly as possible,” Lee added.

The project is also awaiting the provincial government’s response to their request for a Minister’s Zoning Order (MZO) as the land is currently zoned for employment.

It's hoped that approval will be granted before the end of the year.