Waterloo to transfer city-owned lands to build more than 1,000 affordable homes

In a move the city says is "one of the largest and most ambitious affordable housing projects in Canada," Waterloo, Ont., is transferring a large parcel of land to Habitat for Humanity Waterloo Region and Build Now: Waterloo Region for a project that will see more than 1,000 affordable homes built there.

In a media release about the project Thursday, Mayor Dorothy McCabe called it a "once-in-a-generation, transformational project."

The lands are at 2025 University Ave. E., near RIM Park.

The city had indicated in December that Habitat for Humanity Waterloo Region and Build Now: Waterloo Region was the preferred proponent to develop the property and made it official on Thursday.

A city release said the site will be a mix of residential and mixed-use buildings. The more than 1,000 housing units will all be "affordable or attainable" and will include units that can be purchased or rented. Rental units will be operated by a non-profit organization.

There will be a "central road designed to accommodate public transit and cyclists, and an interconnected network of smaller streets, parks, plazas, ground-floor commercial spaces, and community gardens."

Philip Mills, CEO of Habitat Waterloo Region and Build Now: Waterloo Region, said the mixed residential uses was crucial to the project.

"With a 70 per cent ownership to 30 per cent rental split and a committed focus on three- and four-bedroom units, we are prioritizing what the community needs to continue to grow and thrive," Mills said.

The city says the project brings them closer to their provincial housing pledge of 16,000 units by 2031.