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.