Construction has started on Cornerstone at Lacey III in Forked River. This third and final phase of an Ocean County affordable housing project will include 70 income-restricted units in nine buildings, plus a new clubhouse. Walters, a Barnegat-based developer well-versed in affordable housing projects, is handling both design and construction.
“We are excited to begin work on the final phase of this development which will expand housing opportunities and make a positive impact in the community for years to come,” said Joseph Del Duca, Partner and Director of Affordable Housing at Walters. “Our focus on sustainable design and high-end amenities have resonated well with residents evidenced by the fact that the first two phases are fully leased.”
Under Walters’ supervision, the Cornerstone development will meet the requirements of LEED® and ENERGY STAR® certification. According to Walters, LEED-certified apartments provide healthier living spaces with better air quality, lower utility bills are lower, and the homes have a smaller environmental footprint.
118 affordable units in 15 buildings were built in the first two phases of Cornerstone at Lacey. The apartments range in size from one to three bedrooms. All residents have access to the community center which contains computer workstations and a fitness center. Other highlights include a BBQ and picnic area, a basketball court, and children’s play area. The community is conveniently situated close to restaurants, groceries, many large and small retailers, beaches, hospitals, as well as the Garden State Parkway,
Rents at Cornerstone at Lacey III are income-restricted and all units are available to renters who earn 60% or less of the area’s median income. Rates are based on gross annual income.
Walters is an award-winning real estate owner, developer, and property manager dedicated to high construction standards and environmentally responsible building practices. They are currently completing a development at Osborn Dunes, rebuilding a community destroyed by Superstorm Sandy. The firm constructs income-restricted and market-rate housing, premium custom homes, retail centers, and office buildings throughout New Jersey.
