New building coming to Waterloo Town Square complex

This rendering shows a new retail and office building to be constructed on Willis Way in Waterloo. (Cushman and Wakefield Waterloo Region)

Construction is expected to start before the end of the month at a new, three-storey building in the Waterloo Town Square complex.

Real estate firm Cushman and Wakefield Waterloo Region announced the plans for 85 Willis Way on Tuesday.

In an interview with CTV News, senior managing director Michael Polzl said the project would “finish off Willis Way” with retail tenants on the ground floor and office uses higher up.

“It’s going to continue what you see on King Street, in terms of the storefronts and the high-quality office space that’s there,” he said.

The 85,000-square-foot structure will be built on what is currently part of a parking lot.

Polzl said the new building will include an underground parking garage with 87 spaces to help offset the difference, although its location near two light rail transit stops means an expected influx of people to the area without accompanying vehicles.

“The parking isn’t necessarily going to be a large issue,” he said.

Construction is expected to wrap up sometime in the summer of 2016.