Proposal to Waterloo council would see 12 highrises built on former factory site

Highrises could replace former Kraus factory A proposal would see a dozen highrises at the former Kraus Flooring Factory site in Waterloo. Spencer Turcotte has the details.

A proposed development could dramatically change Waterloo’s skyline.

The plan would see a dozen highrise towers built on the site of the former Kraus Flooring Factory, with thousands of new housing units coming to the city.

John Lukezic stopped at the site Tuesday to check out the demolition work.

“I drove by yesterday [and] had to do a double take,” he said laughing. “Wow.”

Lukezic has a special connection to the former factory.

He worked at Kraus for several years before they shut down in 2018.

Lukezic’s father also worked there for four decades.

“First thing I thought is, it’s the end of an era,” he told CTV News.

Waterloo council is expected to vote on the 12-tower development on Monday.

A potential new chapter that Lukezic can get behind.

“That’s great, if the prices are low,” he said. “I think there will be affordable housing probably.”

The developer, Solowave, purchased the land from Northfield Properties nearly two years.

“We are working with non-profit housing providers here in the region to see how we can attract some affordable housing units into the project,” said Larry Kotseff of Solowave Investments Ltd.

The City of Waterloo has promised to build 16,000 new housing units by 2031.

“We are proposing 3,400 units here which is approximately 20 per cent of that pledge,” explained Kotseff.

The city is running short on undeveloped land so it’s had to think up.

The tallest tower in the complex would be 35 storeys.

“The first building, we’re hoping, will be begin construction next year, 2024,” said Kotseff.

Green space, he adds, is also part of the plan.

“One of the primary features of this development is a central park open space system of approximately 3.42 hectares, and the development is focused on the activity of the central park.”