Waterloo city councillors unanimously approved the rezoning of the former NCR property at Northfield Drive and Weber Street North for mixed use, which means a proposed multi-million dollar development known as the Waterloo Corporate Campus can go ahead.
The project is valued between $160 and $225 million, and will offer restaurants, office space, a data centre, and retail space.
Mark Kindrachuk, the president of Intermarket Developments which is behind the project, says it will also be bike and pedestrian-friendly, and will even offer showers for cyclists to use.
“It made a lot of sense when you started looking at the demographics and the adjacencies of the universities and the local community,” said Kindrachuk.
He added that the proximity of the highway and a future LRT station at Northfield Drive also made the site attractive.
Putting a bet on Waterloo
Waterloo Councillor Mark Whaley says the project comes at an interesting time for the city, when much media attention from outside has been focused on the situation faced by BlackBerry.
"This large international company comes along and places a bet on Waterloo, a big bold bet," said Whaley.
“It comes at a really good time when our confidence might not be as strong as it could be, and they’re betting on a very bright future for Waterloo.”
The company is currently constructing two loft office buildings which they aim to have completed by end of the year.