Plans for Cornerstone at Montvale call for a two-building, 25-unit apartment property that is income-restricted along Summit Avenue in Montvale. — Courtesy: Walters
By Joshua Burd
Development firm Walters is set to break ground on a new 25-unit, income-restricted apartment complex in Montvale, as it eyes continued expansion of its Cornerstone brand.
Located on Summit Avenue, the two-building property will sit on just over three acres near the Garden State Parkway and DePiero’s Farm Stand & Greenhouses, according to a news release. Walters expects to start construction during the second quarter, with a design meant to achieve certification with the federal government’s Energy Star program and the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale.
“Cornerstone at Montvale will bring a new level of affordable housing and services to families in Bergen County,” said Joseph Del Duca, partner and director of affordable housing for Walters. “Our use of environmentally friendly design will also promote the health and well-being of all who reside there.”
Based in Barnegat, the developer said the Montvale buildings will include 15 and 10 units, while the property will have 55 parking spaces and a bike shed for 18 bicycles. Amenities will include a fitness room, a playground and outdoor areas with seating and gas grills, and a staffed social services coordinator will be available upon request.
Walters will give priority to residents whose incomes are at or below 60 percent of the area median income, the news release said. Rental rates are based on the renter’s gross annual income, according to the rent and income requirements chart.
