Affordable Housing Project In Holmdel To Break Ground Later In Summer

HOLMDEL, NJ — The developer of Cornerstone at Holmdel, an income-restricted community approved by the township planners in May, has announced it will break ground on the 50-unit project in "late summer," according to a news release.

Walters, a developer based in Barnegat, said it plans to bring 50 units to Holmdel by 2023. Cornerstone at Holmdel will sit on nearly four acres on South Laurel Avenue, near the corner of Middle Road, the news release says.

The Holmdel Planning Board unanimously approved a 50-unit affordable housing project on Middle Road in north Holmdel in May. The housing project will be entirely made up of affordable housing units.

The project approval was previously halted after neighboring Hazlet sued Holmdel three times to stop construction due to the development's proximity to the township borders, according to a previous Patch article.

During the public hearing for the affordable housing project, the applicant and the board agreed to move the complex 200 feet away from the municipal border, which was a key point in the settlement between Holmdel and Hazlet.

Damien Del Duca, attorney for the developer said at the time, "we're very anxious to start work so we can put this community into service, comply with our obligations and help Holmdel comply with its obligations."

The final plan calls for three three-story buildings, a buffer of trees and plants between the apartment complex and the backyards of Hazlet residents and the elimination of a proposed driveway onto South Laurel Avenue.

The developer expects to receive its first certificate of occupancy in late 2023.

Walters is planning to develop the buildings designed and constructed to meet the requirements of LEED Gold and ENERGY STAR certifications, the news release said.

The three-story buildings will offer "flats" with one, two, and three-bedroom floor plans, the news release says. Units feature upgraded finishes and amenities, such as full-size washers and dryers, dishwashers, controlled heating and central air conditioning.

Additionally, residents will have an enclosed entry that leads to their apartment, the news release said.

“Cornerstone at Holmdel combines quality design with environmental sustainability which will benefit the community for generations,” said Joseph Del Duca, partner and director of affordable housing for Walters, at the time of the approval.

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 located near the Holmdel Towne Center and The Commons at Holmdel, which offer a variety of shopping, dining and banking opportunities, the news release said.

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 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart.

The project comes as part of a settlement agreement with the Fair Share Housing Center, which sued several New Jersey townships in 2012. The lawsuit claimed that the state did not properly enforce affordable housing requirements in many areas, including several Monmouth municipalities. A settlement in Holmdel was reached in 2019, according to a previous Patch article.

Walters has developed affordable housing communities throughout New Jersey over the past 20 years, including family and age-restricted developments in Barnegat, Toms River, Stafford and Seaside Heights. To learn more, visit their site here.