Cornerstone at Chatham is redeveloping the former site of a defunct restaurant on Southern Boulevard in Chatham. — Rendering courtesy: Walters
By Joshua Burd
A new 63-unit, income-restricted apartment property in Chatham is one step closer to opening with the start of an affordable housing lottery at the complex.
Its developer, Walters, expects to complete what’s known as Cornerstone at Chatham in the fourth quarter. The firm announced Thursday that it will accept applications to enter the housing lottery through Wednesday, Sept. 4, with the drawing set to take place on Sept. 12.
Walters is constructing the three-building community on a 3.2-acre site on Southern Boulevard, the former site of a defunct restaurant, according to a news release. It’s poised to draw residents with a location near the Garden State Parkway and its easy access to jobs, shopping and recreational amenities such as the nearby Chatham Mall and Hickory Square Shopping Center, as well as the municipally owned Nash Park and Shunpike Field.
“This new affordable development will benefit the entire community by offering quality housing opportunities and services to Morris County,” said Joe Del Duca, partner and director of affordable housing for Barnegat-based Walters.
The firm is building Cornerstone at Chatham to meet requirements under the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale and the Energy Star program. Plans call for a mix of two- and three-bedroom units with parking for residents and amenities such as a fitness center, a community room and an outdoor patio off the clubhouse with seating, tables and gas grills.
The property will be available to residents who are at or below 60 percent of the area median income, the news release said. Rental rates, which will range from about $784 to $1,917, are based on the renter’s gross annual income.
