From left: Ed Walters, Gary Quinn, Joe Del Duca, Veronica Laureigh, Steven Kennis, Phyllis Smith, Craig Wigley, Mayor Peter Curatolo, Anthony Marchetta, Casey Parker and Nicholas Juliano. — Courtesy: Walters Group
By Joshua Burd
Residential developer Walters Group has unveiled the first piece of a new 118-unit, income-restricted rental property in Ocean County.
Executives and employees of the firm joined public officials recently for a ceremonial ribbon-cutting and open house at the project known as Cornerstone at Lacey. Located at 900 Gary Smith Way, the complex offers one- to three-bedroom units that will be rented to people who do not make more than 60 percent of the county’s median income.
As such, the highest rent for a three-bedroom at Cornerstone at Lacey is $1,235, which includes water, sewer and trash removal, Walters Group said in a news release. The $22.6 million first phase of the project, which includes 70 units across nine buildings, was developed with the help of several funding sources overseen by the New Jersey Housing and Mortgage Finance Agency.
A 48-unit, six-building second phase is underway.
“This is a great residential development for the town and for us,” said Joe DelDuca, Walters Group partner and general counsel. “We are proud to be building meaningful developments that focus on improving people’s lives and making our communities stronger.”
Apartments range from 835 square feet for a one-bedroom to 1,247 square feet for a three-bedroom, Walters Group said. Ten units are designed for special needs households.
Cornerstone at Lacey is designed to achieve certification from both the LEED and ENERGY STAR rating systems, the news release said. The developer pointed to sustainable features such as noninvasive landscaping, the use of recycled materials during construction and close proximity to local retailers.
The property offers amenities such as a large clubhouse equipped with computer work stations and a modern fitness center. Other features include a children’s park, barbecue and picnic area and half-court basketball.
The Forked River-based developer held the ribbon-cutting ceremony on June 2, hosting
Lacey Township Mayor Peter Curatolo, HMFA Executive Director Anthony Marchetta and Cornerstone at Lacey residents and employees.
Funding sources included an $11.9 million loan under the federal Hurricane Sandy recovery program, along with another $11 million in financing from the HMFA. The agency also said it awarded the project 4 percent federal Low-Income Housing Tax Credits, which generated approximately $6.8 million in private equity.
“The Low-Income Housing Tax Credit program, which funded a large chunk of this development, is celebrating its 30th year,” Marchetta said. “It’s produced over two million affordable housing units nationally and over 50,000 units here in New Jersey.
“I want to commend the local government for having the foresight and leadership to bring a competent group here to build this affordable housing development, which will benefit its residents and the community.”
As part of the ribbon-cutting celebration, Walters Group memorialized a bench and plaque in honor of Gary Smith, a founding member and chief officer of the Lacey Township Dive Team, who died in 2010. Smith and his wife, Phyllis, helped start the Lanoka Harbor First Aid Squad.
Members of the Smith family gathered during the event to remember his life, the news release said. The road that runs through Cornerstone at Lacey was also named in his honor.
