Walters is expanding its offerings in the Garden State, with a new, premium income-restricted community slated to break ground this fall in Bergen County.
The Barnegat-based developer announced its plans for Cornerstone at Montvale, a two-building project that will sit on a little more than 3 acres, offering priority to residents whose incomes are at or below 60% of the area median income.
Situated on Summit Avenue, near the Garden State Parkway and DePiero’s Farm Stand, Cornerstone at Montvale will offer a total of 25 units — 15 residences in one two-story building and 10 in the other — 55 parking spots and a bike shed with room for 18 bicycles.
Additionally, Walters said the forthcoming LEED- and ENERGY STAR-certified design and construction project will include several community areas for residents; amenities like a fitness room, playground, and outdoor grilling and seating areas; with a social services coordinator available upon request.
“Cornerstone at Montvale will bring a new level of affordable housing and services to families in Bergen County,” said Joseph Del Duca, partner and director of affordable housing for Walters. “Our use of environmentally friendly design will also promote the health and well-being of all who reside there.”
In March, Walters began Phase 2 of construction on an age-restricted community in Somerset that will ultimately offer 150 residences. At the end of 2021, the company celebrated the opening of its 70-unit Cornerstone at Lumberton community.
According to the most recent U.S. Census Bureau data, the median household income in Montvale in 2020 dollars is $156,042. Walters said that rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart.