Barnegat-based Walters said Monday it plans to break ground on a premium income-restricted community in late summer, with plans to bring 50 units to the Holmdel market by 2023. Cornerstone at Holmdel will sit on nearly four acres on South Laurel Avenue, near the corner of Middle Road.
Walters is planning to develop three new buildings designed and constructed to meet the requirements of LEED Gold and ENERGY STAR certification. The three-story buildings will offer flats with one-, two- and three-bedroom floor plans. Units feature a host of upgraded finishes and amenities such as full-size washers and dryers, dishwashers, controlled heating and central air conditioning. Additionally, residents benefit from having an enclosed entry that leads to their apartment.
“Cornerstone at Holmdel combines quality design with environmental sustainability, which will benefit the community for generations,” Joseph Del Duca, partner and director of affordable housing for Walters, stated.
Residential amenities will include a fitness room, playground and outdoor areas with seating and gas grills. A staffed social services coordinator will be available upon request.
The new community will be ideally located near the Holmdel Towne Center and the Commons at Holmdel, which offer a variety of shopping, dining and banking opportunities. Also nearby is Allocco Park, an 11-acre recreational area with a baseball field, basketball court, a walking trail, tot lot and more.
Cornerstone at Holmdel will be available to residents whose incomes are at or below 60% of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart.