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FORKED RIVER, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Lacey III, a 70-unit affordable housing project in Forked River, located along the Jersey Shore about 50 miles north of Atlantic City, New Jersey. Once completed, the nine-building project will offer units to households earning 60 percent or less of the area’s median income. Rates will be based on the renter’s gross annual income.
The project represents the third and final phase of Cornerstone at Lacey. The first two phases of the development delivered 118 units in one-, two- and three-bedroom across 15 buildings. Cornerstone at Lacey III, which also includes the construction of a new clubhouse, is slated for completion by the end of 2025.