The first of nine buildings in the first phase of Cornerstone at Lacey — Courtesy: Walters Group
By Joshua Burd
A developer is nearing completion of the first building in its latest income-restricted apartment community at the Jersey Shore.
The firm, Walters Group, announced last week that it will deliver the first six units of what’s known as Cornerstone at Lacey by mid-March. It is one of nine buildings — with a total of 70 units — that will make up the first phase of the project on Gary Smith Way.
Full completion of phase one is slated for October, Walters Group said in a news release. Construction of phase two, which will add another 48 units across six buildings, is expected to begin in mid-November in the Forked River section of Lacey.
“We are excited to bring high-end income-restricted apartments to our community,” Ed Walters Jr., president and founder of Walters Group, said in a prepared statement. “By diversifying the area’s housing infrastructure, we increase the inventory of quality rental housing for people from all walks of life, including young families, people on fixed-incomes, and our community’s essential service workers.”
Geared for working families, the eco-friendly community will fill a need for income-restricted housing in the township, Walters said. It will also give priority to residents who were displaced by Hurricane Sandy or experienced severe storm damage.
The project follows Walters Group’s completion last year of Cornerstone at Barnegat, a 70-unit, age- and income-restricted housing project. Walters said it’s now planning the development of several other income-restricted housing projects in Ocean and Burlington Counties, including Toms River, Seaside, Jackson and Delanco.
The income-restricted units at Cornerstone at Lacey will be rented to people who do not make more than 60 percent of the county’s median income, the news release said. The highest rent for a three-bedroom apartment is $1,235, which includes water, sewer and trash removal.
The units range from 835 square feet for a one-bedroom to 1,247 square feet for a three-bedroom. Ten units will be designed for special needs households.
Residents will have access to a large community clubhouse equipped with computer work stations and a fitness center, the news release said. Other amenities at Cornerstone at Lacey will include a children’s tot lot, barbecue and picnic area and half-court basketball.