Riverfront Apartments Will Rise in St. Paul O-Zone
ConnectCRE | July 25, 2019
Stoneleigh Companies LLC has acquired 10.71 acres of land for the construction of the 242-unit Waterford Bay Apartments in a St. Paul, MN Qualified Opportunity Zone. Waterford Bay reportedly will be one of the first QOZ projects in the Minnesota capital, and among the first to break ground in the Midwest.
“With passage of the Tax Cuts and Jobs Act in late 2017 and the creation of Opportunity Zones, great sites that have additional challenges are now being developed if they fall within a designated Opportunity Zone,” said Stoneleigh SVP Josh Wohlreich. “With the continued support of the City of St. Paul and the community, we are excited to bring this project to fruition.”
With groundbreaking slated for this fall, the project will include micro-units, studios, one- and two-bedroom apartments. A portion of the land will be dedicated to the city for park space along the Mississippi River.