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Posted Jul 24, 2025, 2:46 PM
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Registered User
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Join Date: Jul 2011
Posts: 474
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Quote:
Originally Posted by O-tacular
The first normal, dare I say decent, looking tower I think I’ve ever seen in Waterloo. Too bad about the surroundings.
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Quote:
Originally Posted by ScreamingViking
I agree. The surroundings will change fast, hopefully the empty lots first.
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Originally Posted by MolsonExport
Shacks by the Stacks.
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Originally Posted by O-tacular
More like cracks by the stacks since there’s so much crumbling parking lot pavement.
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Originally Posted by O-tacular
Just hopefully not more of the usual student prison housing.
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A timeline to provide some context:
March 29, 2018: Killam Apartment REIT Announces $85 Million in Acquisitions, Including Westmount Place, Waterloo, Ontario https://www.globenewswire.com/news-relea...tchener-Ontario-and-Calgary-Alberta.html
Quote:
Westmount Place
Killam Apartment REIT (TSX:KMP.UN) is pleased to announce it has acquired a prime mixed-use office and retail property with surplus land ideal for multi-family development in Waterloo, Ontario, for $77.8 million. Westmount Place is a 297,000 square foot project constructed on 14.7 acres that features a grocery-anchored retail plaza (87,311 sf) with a partial second-storey office component (21,441 sf) and a four-storey office complex (188,702 sf leased 100% to Sun Life Assurance Company of Canada). The property also includes 88,000 square feet of land for development fronting on Erb Street West with the potential to construct up to 600 apartment units. Westmount Place is well-located, close to downtown Waterloo, both the University of Waterloo and Wilfrid Laurier University, the Waterloo Memorial Recreation Complex and the Waterloo Public Library.
The tenant base for Westmount Place includes national tenants representing 84% of annualized rental revenue, including Sun Life Financial, a national grocer (scheduled to open in September, 2018), Pharmasave, Michaels and Royal Bank of Canada. The weighted average lease term of all Westmount tenants is 8 years.
Starting this spring Killam intends to focus on the significant multi-residential opportunity the site offers. This will include a consultation and master planning process which seeks to maximize pedestrian connectivity and green space throughout the site, including by integrating new landscaping. The master plan will also include energy and storm waste management designs to compliment the planned multi-residential developments. Killam is targeting commencement of construction of the first phase of its apartment complex within the next 24 months.
“This property has all the key elements we look for when acquiring multi-family development sites - a great neighbourhood with a large employment base, and close to transit, shopping and entertainment,” noted Philip Fraser, Killam’s President and CEO. “With the ownership of neighbouring Westmount Place, which includes a national grocery anchor with adjacent, pharmacy, restaurants and medical services, we have control of the entire site, maximizing the future potential of the property. With quality, long-term commercial tenants, a 5.7% all cash yield and the potential to develop up to 600 apartment units, we are very excited about the opportunities this acquisition offers.”...
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May 7, 2019: Conceptual drawings released for Waterloo’s Westmount Place https://www.waterloochronicle.ca/news/co...2588d42-6078-52f7-9957-9be6cea5396d.html
Quote:
If Killam Apartment REIT’s plan goes ahead, more than 600 people will occupy what is currently a parking lot just west of Waterloo’s uptown core.
The company released its conceptual design for Westmount Place, which was purchased from Sun Life last year for $77.8 million, this week.
The plan includes the construction of six buildings in the parking lot area of the former mall, which will house as many as 600 apartment units. Nine houses on Erb Street from Westmount to Dietz Avenue will be demolished, according to the drawings...
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https://www.waterlooregionconnected.com/showthread.php?tid=1406&pid=68644#pid68644
October 5, 2020: Developer trims Waterloo towers, asks to tear down apartment building https://archive.ph/RZExs#selection-3947.26-3947.95
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WATERLOO — A developer has reduced the height of three proposed apartment towers as Waterloo council nears a decision on a six-tower redevelopment planned on Erb Street West.
The $400-million redevelopment of the Westmount Place complex could take up to a decade to complete if council endorses it at a meeting scheduled Nov. 2.
Before that happens, council has been asked Monday to OK the early demolition of a vacant building with eight empty apartments at 15 Dietz Ave. N.
The three-storey building owned by the developer is located where the first 11 storeys and a parking garage will be built if Phase 1 construction launches next spring. The developer wants to demolish it now to keep vagrants and vandals away.
Council will have to waive its rules to approve demolition without a redevelopment agreement in place. Council previously waived its rules to let the developer tear down nine homes left vacant on Erb Street West.
“Other buildings are several years away,” said Andrew Kent, development director for the firm Killam Apartment REIT. “We’ll see how quickly Phase 1 is leased up and that will influence how quickly we start Phase 2.”
Since proposing the redevelopment last year, the developer has sought public input and trimmed 15 storeys collectively from three towers along Erb Street West. Three other towers are unchanged, the highest at 25 storeys along Westmount Road North.
Overall height has been reduced by about 13 per cent. Affected towers were made wider to maintain more than 1,000 rental units, Kent said...
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Unknown Date: First Phase High-Rise Condo Development https://www.melloul.com/projects/the-carrick
Quote:
In the first of three phases, the Carrick will be one of Waterloo's newest 12-storey, fully cast-in-place builds featuring 139 one and two-bedroom suites, with three levels of underground parking.
The Carrick's design represents a uniform grid that informs all building elevations. The uniquely designed layers from the podium to the mechanical penthouse break down the building's height to provide varying expressions in each tier. Combined with a stylish contemporary interior design, large well-appointed units and custom finishes, the Carrick is set to become an excellent addition to Waterloo's growing apartment options...
Project Duration: May 2022 - Mar 2025
Size: 217,756 sq ft, 20,230 m²
Value: $60,500,000
Project Type: Construction Management
Client: Killam Apartment REIT
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