A new development proposal in a prominent spot on the edge of uptown would create more places to live in the central core, Waterloo city planners say.

In a proposal that’s being considered by Waterloo city council on Monday evening, a local credit union, Your Neighbourhood Credit Union Limited, wants to develop property it owns on King Street into an eight-storey mixed-use building.

The development at 168 King St. S. at the corner of George Street would knock down the three-storey mixed-use building and a single detached house now on the site. The new building would have about 6,250 square feet of commercial space — banking services on the ground floor and credit union offices on the second floor — plus 34 residential units in the storeys above. The development would have a mix of one- and two-bedroom units, with 32 parking spaces and 41 bike parking spaces.

The site is “highly visible” and in a prominent location, “at the doorstep” of uptown, so it needs to be designed to a high standard, city staff say.

The development needs Official Plan and zoning amendments. City planners are recommending the proposal be approved, but with the condition that building height along George Street be limited to 10 metres, and that the tallest parts of the building be furthest from homes on George Street.

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