Is there a strong market for apartment rentals for seniors in Lakewood?
Lakewood developers recently gave the Zoning Board some very mixed messages regarding the matter.
Covington Village off Locust Street is already approved for congregate housing for seniors only. The current developer of that project has spent years fighting at the Zoning Board to be permitted to develop a vacant portion of that property with congregate housing with no age-restriction, saying that there is currently no market for senior rental apartments in Lakewood.
When the Zoning Board finally denied the application, arguing that they felt that there is a strong market for senior rental apartments in Lakewood and therefore it would not be appropriate to waive the age-restriction, the developer sued in Superior Court seeking to overturn the denial.
The developer received only a partial win in court, with a remand of the application back to the Board simply because the Board's Resolution of Denial did not meet statutory criteria. Therefore, the Board last week once again denied the application, and ensured that their Resolution of Denial was polished up.
It remains to be seen if the developer will continue litigating the matter in Superior Court.
One thing which is for certain is that this developer feels very strongly that there is no market in Lakewood for rental apartments for seniors.
On the other hand, another developer of rental apartments on Squankum Road told the Zoning Board that they are seeing a strong market in Lakewood for rental apartments for seniors.
That project was previously approved for 93 residential apartments, all of which were 2 and 3-bedroom units. The project is not age-restricted.
Last week, the developer returned to the Board requesting to modify the footprint of the floor layout so as to convert some of the approved 2-bedroom units into 1-bedroom units, explaining that they have received feedback from seniors who are interested in renting the apartments and they said they prefer to rent single bedroom apartments.
What do you think? Is there a strong market in Lakewood for senior rental apartments?
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