Press Release (ePRNews.com) - PARAMUS, N.J. - Feb 20, 2017 - The first building of a new income-restricted apartment community under construction on Gary Smith Way called Cornerstone at Lacey is expected to reach completion in mid-March, according to Walters Group, the developer of the project.
Started last year, construction of Cornerstone at Lacey is split into two phases. According to Walters Group’s development timeline, anticipated completion of phase one, comprising a total of 70 units in nine energy efficient buildings, is October. The first two-story building will feature six units. Phase two construction, expected to begin in mid-November, will add another 48 units in six buildings.
“We are excited to bring high-end income-restricted apartments to our community,” said Ed Walters, Jr., president and founder of Walters Group. “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, Cornerstone at Lacey will fill a need for income-restricted housing in the township as well as give priority to Sandy-impacted residents who have been displaced by or experienced major severe storm damage.
The income-restricted units will be rented to people who do not make more than 60 percent of the county’s median income. The highest rent for a three-bedroom apartment at Cornerstone at Lacey is $1,235, and 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.
Upon completion, the eco-friendly community will offer 118, one-, two- and three-bedroom apartment homes, each with individual entrances and upgraded interior finishes. Residents will have access to a large community clubhouse equipped with computer work stations and fitness center. Other amenities in Cornerstone at Lacey include a children’s tot lot, barbecue and picnic area and half-court basketball. In addition, the community is located near local schools, shops, restaurants and recreation areas.
The property is designed to achieve LEED® and ENERGY STAR® status for incorporating sustainable features. By seeking LEED (Leadership in Energy and Environmental Design) and ENERGY STAR certification, Cornerstone at Lacey will feature many green building attributes, including non-invasive landscaping, the use of recycled materials during construction and its close proximity to local retailers. In addition, Energy Star appliances will help residents with long-term reductions in utility costs.
Last year, Walters Group completed Cornerstone at Barnegat, an age (55 +) and income-restricted housing project providing 70 new energy efficient units. Walters is planning the development of several income-restricted housing projects in Ocean and Burlington Counties, including Toms River, Seaside, Jackson and Delanco.
The Walters Group is managing every aspect of the project from design and construction to property management. For more information, call the leasing office at 609-242-6430, or visit wgapts.com.