William Alexander "Billy" Silverwood arrived in Saskatoon from Ontario in about 1907 and bought land two miles (3 km) north of the city limits.

A livestock dealer by occupation, he built a large barn on his land (known as the Silver Springs Farm) to house his horses and cattle.

[3] The natural spring water of the Silverwood farm attracted the attention of Robert E. Glass, a businessman from Chicago.

He bought 470 acres (1.9 km2) of land from Billy Silverwood, took over his bottling plant and intended to establish a brewery.

An article in the November 9, 1912 Daily Phoenix newspaper not only announced his purchase of the Silver Springs Farm, but also his intentions to establish an industrial city called "Factoria" on the site.

It was promoted as having abundant natural resources - water, limestone, sand and clay - to support a variety of manufacturing ventures.

A CN Railway spur line had been extended to the site, and there were plans to incorporate as a village and to build a school and post office.

However, the business owners were unable to pay for electricity to be supplied to the site, and by 1914 the economic picture turned sour.

The once-lucrative bottling plant had closed by 1914; by then, the city had constructed its own filtration system, and runoff from Silverwood's livestock operation had contaminated the spring water.

[3] Street names chosen for Silverwood Heights for the most part honor Saskatoon business pioneers and notable educators.

[15] The Silverwood Heights Community Association organizes a variety of recreational, social, and educational programs for adults, children/youth, and preschoolers.

In February 2019, the City of Saskatoon called for design ideas for a potential river crossing that would primarily carry a sewer line but also be available for non-motorized users (pedestrians and cyclists).