Barnegat-based developer Walters has begun construction on Cornerstone at Lacey III, consisting of 70 premium income-restricted units in nine buildings and a new clubhouse in Ocean County. The third and final phase of the multifamily property is expected to be completed by year-end 2025.
“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,” Joseph Del Duca, partner and director of affordable housing for Walters, said. “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.”
Walters is designing and constructing the development to meet the requirements of LEED and ENERGY STAR certification. LEED-certified homes are healthier places to live, produce lower utility bills, have better air quality, and leave a smaller environmental footprint, according to Walters.
The first two phases of Cornerstone at Lacey total 118 affordable housing units in 15 buildings. The community offers one- to three-bedroom apartments with individual entrances. Residents have access to a community clubhouse equipped with computer workstations and a fitness center. Other amenities include a children’s tot lot, barbecue and picnic area, and half-court basketball. A staffed social services coordinator will be available upon request.
Rental rates at Cornerstone at Lacey III are income-restricted with all the units available to those who earn 60 percent or less of the area’s median income. Rates are based on the renter’s gross annual income, according to the rent and income requirements chart.
The community is ideally located near the Garden State Parkway, Lacey Township beaches, large retailers, waterfront restaurants, and a network of local medical facilities.
