MONTVALE—The 25-unit income-restricted or low-income apartment complex planned for 159–161 Summit Avenue, at the intersection with Craig Road, plans to break ground this fall, according to its developer.
Called Cornerstone at Montvale, the complex will be constructed by Walters Group of Barnegat, builder of affordable housing statewide and age-restricted housing in the Jersey Shore area.
Addressing residents via email on May 7, Mayor Michael Ghassali said the applicant, Walters Group, aka Montvale Family Apartments, has submitted construction plans to the borough’s construction offices for review.
Ghassali said the resolution granting major soil movement approval was approved by the Planning Board at their February 15 meeting.
According to the developer, “The modern 25-unit, two-building residential development will feature LEED- and Energy Star-certified design and construction. The units will be split between two buildings, each two stories, with 15 units in one building and 10 in the other. The property will have 55 parking spaces, and a bike shed will accommodate 18 bicycles.
Recently, the 3.3-acre property was transferred from the borough to the developer for a nominal $1 fee, to build affordable units agreed to in Montvale’s 2017 settlement agreement.
Originally, 32 units were to be built, in conjunction with Wegmans/lifestyle center application approved in 2014.
However, in June 2020, the borough approved a developer’s agreement with The Walters Group, of Barnegat for a 25-unit multifamily affordable building, seven units less than the settlement agreement.
Since the site, transferred to Montvale as part of the Shoppes at DePiero Farm’s affordable obligation, contains seven fewer apartments, those lost credits may need to be made up in the borough’s third or fourth round of affordable housing. The site lies near the Garden State Parkway’s exit and entrance ramps.
Originally, credits offsetting the loss of the seven apartment units was to be made up by 13 affordable credits from the Waypoint Residential Services’ 157-unit senior (55 and over) complex proposed at 127 Summit Ave.
However, that project was canceled early last year by the developer following several public hearings.
A statement from the developer said preliminary work on the site will occur through spring and summer months with a planned fall groundbreaking.
“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.”
Moreover, Cornerstone at Montvale will offer several community spaces for residents to enjoy. 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, said the developer’s statement.
“Priority is given to residents whose incomes are at or below 60% of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart,” the developer said.