WARETOWN, NJ—A ground-breaking ceremony scheduled to take place later today will introduce The Willows at Waretown here, a three-story, elevatored, affordable-housing-apartment community, geared toward senior residents, that will have 76 units.
Though leasing has not started on the project, there is already interest from several seniors who were relocated from Hurricane Sandy, Lara Schwager, development principal at Ingerman, the Cherry Hill, NJ-based multifamily firm that is constructing the project, tells GlobeSt.com, in a pre-ground-breaking interview.
"The Township of Ocean was definitely hit hard by Sandy," she says. "There have been lots of inquiries already from seniors that have dollars that they have gotten from their homes that were destroyed, so we have a high level of interest."
Ingerman is building the Willows at a cost of $17.7 million. As part of the financing, the project received $9 million in CDBG (Community Development Block Grant) funding.
The township has designated the area Ingerman's project is in Waretown Town Center, sharing the name with a mixed-use retail scheme that will be a big draw for coming residents.
"It's wonderful," she says. "From a seniors' perspective, to be able to walk out your door and go shopping. It's really a great intersection of uses for the seniors. Whenever you're going to build a seniors community, you want it conveniently accessed to bus service, food shopping, restaurants and regular shopping."
Waretown Town Center, the retail portion, features a ShopRite, Dunkin Donuts and other necessicty tenants near the development. Schwager also adds that there is a convenient bus stop by Route 9 that seniors can take to other destinations, such as doctor appointments.
The Willows is located at 501 Route 9. It lies about 10 miles south of Toms River, with several amenities along the thoroughfare.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
