Plan to add three more high-rise towers to Barrel Yards in Waterloo

Proposed residential development at the Barrel Yards in Waterloo. (Rendering by Turner Fleischer)

Waterloo councillors got an updated look at a plan to build three new high-rise towers at the Barrel Yards development on Monday night.

The developer, GSP Group, presented the latest changes to the project along Father David Bauer Drive at Erb Street West.

The proposed plan includes one 18-storey tower, as well as two 31-storey buildings, for a total of 900 new residential units on the property.

Commercial space would also be created at the base of the towers, but not as much as originally planned.

A representative for GSP Group told council it was scaled back to reflect the drop in demand for office space and increasing need for housing.

“Time and time again it has proven difficult to secure individuals, or to secure interest enough, so that they were willing to move forward with the office space at that corner,” said GSP Group’s Kristen Barisdale.

Monday’s meeting with city councillors was only an informal update on the developer’s plan for the property.

City staff will review the project, identify any issues, and report back to council at a later date.