Plans for the 63-unit Cornerstone at Chatham call for a mix of one-, two- and three-bedroom floorplans on Southern Boulevard in Chatham. — Rendering courtesy: Walters
By Joshua Burd
Walters has broken ground on a new 63-unit apartment community in Chatham, in the latest piece of the developer’s fast-growing pipeline of affordable housing.
Known as Cornerstone at Chatham, the planned three-building complex will rise on Southern Boulevard on a site that was occupied by a defunct restaurant, according to a news release. Walters expects the new development to be ready for occupancy starting in late spring 2024, while completion of the full project is slated for the fourth quarter of that year.
“Walters is proud to provide quality housing that is accessible to families and working professionals in the area,” said Joseph Del Duca, partner and director of affordable housing for Barnegat-based Walters. “Residents will enjoy modern features and amenities while living in the historic and quaint small-town of Chatham.”
Del Duca noted that it’s developing the property through a distinctive funding partnership with Chatham Township. That has allowed Walters secure a 9 percent Low Income Housing Tax Credit allocation, while the town provided the land and funding support, including a planned shuttle bus service to the nearby NJ Transit rail station.
Plans call for a mix of one-, two- and three-bedroom units ranging in size from 807 to 1,343 square feet, with available parking for residents. Walters is building Cornerstone at Chatham to meet green building certification, while it’s slated to include amenities such as a fitness center, a community room and an outdoor patio and clubhouse with seating, tables and gas grills.
A staffed social services coordinator will be available upon request, the news release said. Additionally, the 3.2-acre site will provide residents with convenient access to jobs, shopping and recreational amenities, adding that it’s within walking distance of the Chatham Mall and Hickory Square Shopping Center and minutes from the municipally owned Nash Park and Shunpike Field.
Apartments will be available to those who make 60 percent or less of the area median income.
