The compromise was announced Friday with officials noting the new development will include a maximum of 320 residential units in two towers that will have a maximum height of 10 and 14 storeys.

The developer, Empire Communities (Riverstone Residences), had been asking for a considerably larger structure that would have seen the construction of 536 residential units in three high-rise complexes that would have been 15, 18 and 21 storeys in height.

Oakville Town Council shot down this proposal on Monday, Oct. 6, following a staff presentation that noted the development did not fit the character of the area and the infrastructure was not in place to accommodate the number of people and vehicles the three towers would bring.

The fact that the development has been scaled back was welcomed by Mayor Rob Burton.

“The OMB’s decision is good news for the Town. It supports our long-term plans for Kerr Street Village, as well as our goal of preserving Oakville’s unique character and heritage,” he said.

As part of the settlement, parking will be located almost exclusively underground, the towers will have ground floor commercial uses, there will be improved accessibility along Kerr Street and Speers Road and the two designated heritage buildings on the site will be retained.

Empire Communities is also required contribute $400,000 to fund Kerr streetscape improvements and must provide additional funding for Town capital programs such as necessary upgrades to transit facilities.

The Town, through its plan for Kerr Village, is currently in the process of determining how much intensification can occur in the Kerr Village area. The outcome of this study will be policies incorporated into the new Official Plan, Livable Oakville.

As a term of the settlement, Empire Communities remains free to challenge such policies as they are developed and adopted by the Town, and as part of any such challenge, may seek approvals for additional height, density, and/or residential units on the site.