A new "signature" bridge to replace the aging Walterdale Bridge is one step closer to getting built; despite concerns raised by Mayor Stephen Mandel that the overall design of the project is "short-sighted".

Tuesday morning, the city's transportation committee approved a concept plan for a newly-designed arch bridge that would carry three northbound lanes of traffic over the North Saskatchewan River.

The cost of the project is pegged at $130 million.

Mandel is disappointed with the blueprints, saying he would prefer a bridge that allows traffic to flow in both directions.

Mandel said he would like to see a fourth lane for southbound traffic.

City administration told councillors it can't justify the extra cost for the additional lane based on estimated traffic use.

If council opted to go with a more simplified design, the basic two-lane girder bridge would cost $89 million, while a basic three-lane girder bridge would cost $98 million.

The bridge is nearly a hundred years old and officials have said it needs to be replaced by 2014. 

More details to follow. 

With files from CTV's Jessica Earle.