Resolution paves way for project at corner of Maryland and Bay avenues
SOMERS POINT — Plans for a senior housing complex at the corner of Maryland and Bay avenues are moving ahead.
City Council adopted a resolution Sept. 22 approving a Memorandum of Understanding that names Walters-Cornerstone Development as the redevelopment agency for phase 1 of an age-restricted affordable housing project on property owned by Scarborough Properties.
According to the document, Walters-Cornerstone Development is proposing to build between 50 and 60 very-low, low- and moderate-income affordable rental units. Each would have one bedroom and dedicated parking.
The property, Block 1007, lots 1-3, would be subdivided, allowing for a portion to be used in the future for commercial purposes.
City Administrator Jason Frost said the resolution allows the city to continue discussions toward a redevelopment agreement for part of the site, where a longtime eyesore was removed June 21.
Scarborough has partnered with the Walters Group on plans to build a senior housing facility on part of the property, while plans to build a private swim club with a bar and grille on an adjacent lot are well into the advanced stage.
Sean Scarborough and attorney Joe Del Duca, general counsel for the Walters Group, told City Council on May 26 of plans for the senior rental complex, which they said would be built on 40 percent to 50 percent of the property across from Caroline’s by the Bay restaurant.
Del Duca said the city needs to fulfill its obligation to the Fair Share Housing Center and the county needs affordable senior rental housing, so the project would be an asset to the city.
Frost said the resolution also establishes an escrow account that will be used to pay the city’s professionals for their work developing the agreement, including engineer Greg Schneider, solicitor Tom Smith and others.
Frost said by designating the entire city “in need of redevelopment,” City Council “laid the groundwork to make this possible” and “had the foresight to know what they had to do to create a situation where the city is attractive to developers.”
By CRAIG D. SCHENCK/Sentinel staff