Walters, an award-winning developer based in Barnegat, has broken ground on Cornerstone at Chatham, a 63-unit premium income-restricted apartment community. Located in Morris County, the new community will be located on Southern Boulevard, near the Garden State Parkway. Walters projects the new development to be ready for occupancy beginning in late spring 2024. Completion of the entire property is slated for the fourth quarter of 2024.
“Walters is proud to provide quality housing that is accessible to families and working professionals in the area,” said Joseph Del Duca, partner and director of Affordable Housing for Walters. “Residents will enjoy modern features and amenities while living in the historic and quaint small-town of Chatham.”
With limited developable land in Chatham, the three-building community is being built on a 3.2-acre site formerly occupied by a defunct restaurant. Its central location will offer future residents convenient access to jobs, shopping, and recreational amenities. Within walking distance are Chatham Mall and Hickory Square Shopping Center, and the municipally owned Nash Park and Shunpike Field are both nearby.
The community is being developed through a unique funding partnership between Walters and Chatham Township. As a result, Walters was awarded an exceptionally competitive 9% Low Income Housing Tax Credit (LIHTC). The town provided the land and funding support, including a planned shuttle bus service to the nearby NJ Transit rail station, according to Del Duca.
The three-building community will have a mix of one-, two- and three-bedroom units, ranging in size from 807 square feet to 1,343 square feet. Parking will be available for residents.
Walters is constructing Cornerstone at Chatham to meet green building certification, helping residents benefit from sustainable, efficient, and resilient housing. Additional amenities will include a fitness center, community room, and outdoor patio and clubhouse with seating, tables, and gas grills. A staffed social services coordinator will be available upon request.
Apartments are available to people who make 60% or less of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart.