A building at Cornerstone at Lacey, a development with a similar design to Walters Group’s new Cornerstone at Delanco project — Courtesy: Walters Group
By Joshua Burd
Residential developer Walters Group has started construction on a new 64-unit, income-restricted apartment complex at the site of a former pipe factory in Burlington County.
The firm announced last week that the development, located at 200 Rhawn St. in Delanco, will occupy more than five acres alongside a rail station in the township. Slated for renters whose incomes are at or below 60 percent of the area median income, the project is slated to be complete in 12 to 15 months.
The planned Cornerstone at Delanco property will revitalize the formerly vacant site off the Pennsylvania Avenue thoroughfare, according to a news release. The development will consist of eight two-story buildings, spanning 16 three-bedroom units, 36 two-bedroom units and 12 one-bedroom units.
“This will be an inviting new community that meets an affordable housing obligation and satisfies a local need for workforce housing,” said Joseph Del Duca, partner and general counsel for Walters Group. “The property is within walking distance to the River Line, which makes it ideal for commuters.”
Plans call for an environmentally sustainable and energy-efficient design, such as non-invasive landscaping, the use of recycled materials during construction and close proximity to local retailers. Energy Star appliances will help residents with long-term reductions in utility costs.
Apartment features include private entrances, upgraded interior finishes, half-court basketball, tot-lot playground and community clubhouse with fitness center.
The project follows several other planned and ongoing income-restricted housing developments in New Jersey for Walters Group, which is based in Barnegat. Since 2016, the firm has completed Cornerstone at Barnegat, Cornerstone at Toms River and Cornerstone at Lacey.