Waterford Bluffs – News 5 Cleveland

News 5 Cleveland | Kevin Barry | January 16, 2021

Luxury apartments being built at the foot of Hope Memorial Bridge

CLEVELAND — 241 new apartments are being build right now at 2020 Lorain Avenue on a previously empty plot of land at the foot of the Hope Memorial Bridge, heading into Ohio City from Downtown Cleveland. The project is called Waterford Bluffs Apartments.

Construction started in December and residents are expected to start moving in towards the end of 2022, according to a press release from the Chicago-based developer Stoneleigh Companies.

The location used to be the site of the Bridgeview Cafe, a small car dealership, and a few small homes, according to Google Maps images from 2009.

The 3.4 acres those buildings sat on have been cleared to make way for the new project to sit on a 75 foot high bluff facing Scranton Peninsula and Downtown Cleveland.

In a nod to modern conveniences, the project’s website boasts electric/hybrid car charging stations, Zoom rooms, and USB outlets in kitchens and bedrooms.

Waterford Bluffs – BizJournals

BizJournals | Mary Vanac | January 14, 2021

Developer breaks ground on luxury apartments in Cleveland’s Duck Island enclave

Stoneleigh Cos., the Chicago-area developer, has broken
ground for Waterford Bluffs, a luxury apartment building in the Duck Island
enclave of Cleveland’s Tremont neighborhood southwest of downtown.

The 241-apartment building at 2020 Lorain Ave., which will
overlook Irishtown Bend in the Cuyahoga River, is expected to open in late
2022.

Its Class A apartments will be a mix of micro, studio,
one-bedroom and two-bedroom units ranging in size from 445 square feet to 1,055
square feet, Stoneleigh said in a statement.

Premium finishes for the apartments will include 9-foot
ceilings; open kitchens with Italian cabinets, quartz countertops and
stainless-steel appliances; hardwood-inspired floors; walk-in showers in
oversized bathrooms; oversized windows with roller shades; and in-unit washers
and dryers.

Chicago-area developer Stoneleigh Cos. has broken ground for
Waterford Bluffs luxury apartment building at 2020 Lorain Avenue at W. 20th
Street.

Waterford Bluffs sits on a 75-foot high bluff and will offer
more than 10,000 square feet of amenities including a fitness studio, resident
club room, indoor dog wash, Zoom rooms, heated parking garage and bike storage
and repair shop.

Outside, the development will host a heated pool with
cabanas, barbecue grills and a bocce ball court, a dog run and a sixth floor
amenity room, Stoneleigh said.

Apartment balconies offer views of Cleveland and the West
Side Market on East 25th Street.

Waterford Residential, the property management affiliate of
Stoneleigh, manages other Waterford apartment properties in Colorado, Illinois,
Minnesota and Texas, according to the affiliate’s website.

Vocon is the architect and Marous Brothers Construction is
the general contractor for the Waterford Bluffs project, the company said.

Engineers on the project are Polaris Engineering &
Surveying Inc., Thorson Baker + Associates and Denk Associates. Project
financing is being negotiated with KeyBank.

Like other Waterford apartment buildings, Waterford Bluffs
is located in a state Opportunity Zone, which provides a 10% tax credit on
investors in projects in economically distressed areas.

Stoneleigh said it is coordinating its Opportunity Zone work with Cleveland and Ohio Means Jobs.

Waterford Bluffs – Cleveland.com

Cleveland.com | Eric Heisig | January 13, 2021

Construction begins on five-story, 241-unit apartment building near Cleveland’s West Side Market

CLEVELAND, Ohio — Construction is underway for a $65 million apartment building near the West Side Market that will add 241 apartments to the city of Cleveland.

Workers with Marous Brothers Construction broke ground last month for Waterford Bluffs, a building that will sit on a 75-foot high bluff at the western end of the Hope Memorial Bridge at Lorain Avenue and West 20th Street in the Duck Island area of Cleveland, according to a news release sent Wednesday by Stoneleigh Cos. The suburban Chicago-based developer aims to finish the building by late next year.

The apartments will range from 445 to 1,055 square-foot units, going from micro apartments to two-bedroom spaces. The release boasts that the building will have numerous amenities as well as the views residents will have of the West Side Market and the city as a whole.

Those amenities include an outdoor dog run, “Zoom rooms” for video conferencing and a street-level storage and repair facility for bicycles. The project’s location capitalizes on the future Lorain Avenue Cycle Track, a two-way bike path separated from traffic, and it is close to the Towpath Trail and the Cleveland Foundation Centennial Lake Link Trail.

Stoneleigh bought the parcel, which is more than three acres large, from Brickhaus Integrity Ohio City LLC in March for $7.6 million. Cleveland architecture firm Vocon designed the building.

Cleveland City Council in October passed legislation approving a 30-year tax-increment-financing deal for the building. The project qualifies for a 15-year tax abatement on revenues. The special tax designation will kick in after the abatement expires, though it does not affect taxes that go toward Cleveland schools.