Front Street Watermark Project is Springing Up Quickly

The Testa Companies’ $10 million, four-story mixed-use Watermark building project looks to be on target for completion this fall, said Cuyahoga Falls Planning Director Fred Guerra.

“On schedule and making progress every day,” Guerra said. “I think their goal is to start filling up the apartments, condos and retail space later this fall.

“They are negotiating for retail, and they’re also talking to people that are interested in the condos, and the apartments will be filled once they’re finished,” Guerra said. “We’re very happy and we’re interested to see the progress they make.” 

Work might actually be a little ahead of schedule for contractor and property owner Testa Companies.

“It’s scheduled to have occupancy by December of this year,” said Testa Companies Chief  Operating Officer Joel Testa. “I think we’ll beat that; I think we’ll be in probably October-November.”

“I didn’t realize we had work going up as fast as it did until I drove by and looked at the project the other day,” Testa said. “They started framing it this week. The steel’s up, the stair columns, the elevators, and the shell of the ground floor is almost framed in.”

Earlier this month, Second Street was temporarily closed to allow hookup of the water main. There may be other temporary closings as well.

The Watermark is part of a long-term transformation of the riverfront area in Cuyahoga Falls. The Watermark, 1846 Front St., is adjacent to the Sheraton Suites and across from the High Bridge Glens Park, which re-opened in fall 2009. Other proposals include more park and trail development along the river as part of a now decade-old city plan. 

“I don’t know if this project was specifically (carved) out of the city plan,” Testa said, but Testa Companies and the city culled several parcels together to make the Watermark project possible. “We came up with this mixed-use product, partly because it’s what the city wanted and partly because it’s what made the finances work.”

“We did work with (the city) pretty closely along the whole project, to make sure it fits what the city wants … to make sure we’re designing something that’s got longevity and meets the needs of the community.” 

Testa worked to blend the commercial elements of Front Street with the Tudor style of housing in adjacent areas along Second Street and Chestnut Boulevard and Sackett Avenue. “A building that kind of bridges the gap,” Testa said. 

Business space will share the ground floor with state-regulated senior housing; senior housing will occupy the second and third floors; the top floor will be condominiums.

Rent for the senior apartments, which will be one- and two-bedroom units, will range from $425 to $730 month including utilities (except phone and cable), depending on the unit and qualifications.

“Because it’s a tax credit program administered by the state, there’s a lot of compliance that you have to deal with those projects and one of them is you’re not allowed to lease them on a qualified residence more than 90 days from their move-in date,” Testa said.

The condo lofts are expected to sell for somewhere between $135,00 and $175,000, depending on configurations and market conditions.