A large fire raged in Waterloo Thursday morning along University Avenue -- a street filled with bars and restaurants that is often frequented by students.

Police say the fire caused extensive damage in the area but that there are no reported injuries.

There are two universities in the area, Wilfrid Laurier University and the University of Waterloo.  Dozens of students who live in the area were evacuated from their residences.

The fire started at around 5:30 a.m. on a commercial block at Phillip Street and University Avenue. Several businesses were reportedly in flames. Video submitted to MyNews showed a massive blaze.

Waterloo authorities said the fire is was under control by 8:30 a.m. though emergency crews will remain on the scene to put out any hot spots.

The following roads were to remain closed throughout the morning:

• University Avenue from Lester Street to Seagram Drive
• Phillips Street from University Avenue to Columbia Street

Police say it's too early in the investigation to determine what caused the blaze. However, the fire is believed to have started in a restaurant.

About 70 people will be left jobless as a result of the blaze.