200+ APARTMENTS PLANNED FOR THE SHORES OF THE MISSISSIPPI
242 market-rate apartments are planned for the shores of the Mississippi River.
Developer Stoneleigh Companies and Property Management company Waterford Residential are planning a large residential project called “Waterford Bay Apartments” on a vacant site at 380 Randolph Avenue. A 4-story residential building will be constructed on the site that was formerly home to the Island Station Power Plant.
The Island Station Power Plant ceased operations in the 1970’s but it wasn’t until 2014 when the building was demolished. Since then the site has sat vacant even though it has prime river frontage and a beautiful wooded area that surrounds the property.
The site is also unique as it is part of the “Opportunity Zone” in St. Paul. In fact, the project will be one of the first Opportunity Zone projects to break ground within the Midwest.
What is an opportunity zone? It’s a “community development program established by Congress to encourage long-term investments in low-income and urban communities nationwide.” With that being said, many individuals had hoped that that project would include affordable housing as area rents have seen a 17 percent increase in recent years. However, those wishes did not come true as the developer has decided to go with market-rate housing.
Stoneleigh’s plans for Waterford Bay Apartments include, micro, studio, one-bedroom and two-bedroom layouts. Residents would have access to a number of different amenities within the building including a fitness center, yoga studio, lounge, leasing/business center, package concierge and a large rooftop clubroom with views of the Mississippi. The building will also include heated parking, bicycle storage and a dog wash station.
But wait, there’s more.
Outdoors residents will have access to a heated pool, a large amenity deck with four-seasons porch, grilling stations, and fire pits along with walking and biking trails, a kayak/small boat launch area and connections to the regional trails surrounding the building. In addition, a portion of land will be donated to the city of St. Paul for a future park.
Plans for the project can be viewed here.
If you’re unfamiliar with Stoneleigh Companies and Waterford Residential let us fill you in. Stoneleigh is a 36-year-old private real estate company that has developed/owned over 40,000 multi-family units in 35 different cities in 18 states. Waterford Residential is the property management affiliate of Stoneleigh that currently manages properties in Arizona, Colorado, Illinois and Texas.
Work on the Waterford Bay Apartments could begin as soon as next month with a completion anticipated in late 2020/early 2021.