NEW PROVIDENCE, NJ - Yesterday, U.S. Congressman Leonard Lance from New Jersey's 7th Congressional District, N.J., Assembly Republican Leader Jon Bramnick and Assemblywoman Nancy Muñoz from the 21st State Legislative District, New Providence Councilman Rob Muñoz and Borough Administrator Douglas Marvin, visited the Lantern Hill construction site and received a status update on the project (SEE EXCITING YOUTUBE VIDEO OF THE DELEGATION HELPING CONSTURCTION! http://tiny.cc/40qmlx)
Lantern Hill is expected to open in the fall 2015, and will be Erickson Living's third continuing care retirement community in New Jersey.
"Our Nation is in debt to the 'greatest generation' and those who have dedicated their lives to building our communities," Congressman Lance said. "Our senior citizens are a vital part of any town center and I am very happy to visit Lantern Hill in New Providence and see first-hand how this project is creating jobs and providing more housing options for seniors."
Assemblywoman Nancy Muñoz said, "The Lantern Hill Retirement Community will be an important addition to New Providence; this will provide seniors with additional housing options."
Lantern Hill Executive Director Patricia Swan said, "We are very excited to open this community, which will include five inter-connected buildings, 275 newly designed spacious independent living apartments and 85 residences in our continuing care neighborhood. With granite countertops, stainless steel appliances, hardwood floors and a large variety of bright and airy one and two bedroom apartment home floor plans, many residents will feel spoiled by their new homes. Lantern Hill will provide local residents a chance to maintain family and community ties, while opening a new chapter in their lives, with the vibrant lifestyle offered at an Erickson Living community."
The Lantern Hill project has created approximately 1,000 construction jobs for the first phase, and is expected to yield another 350-400 jobs when the second phase of construction begins. Once the community opens next year, there will be approximately 150 full-time jobs created.
At yesterday's legislative tour, the delegation assisted Patricia Swan, Sales Counselor Kathy Banks Hoefling and Development Director Mark Hunter by pressing the explosive detonator to blast rock in an area on the construction site that will eventually be one of the community's first buildings.
Since the Lantern Hill Sales Office opened on April 1 of this year, the team has taken close to 400 priority list deposits. The refundable deposits provide "priority-list" status, giving seniors a way to secure their future home at Lantern Hill.
Many of those on the priority list already reside in the New Providence/Union County area and are looking to sell their existing home to begin their new and exciting lifestyle at Lantern Hill. Some of these seniors indicate that the desirability of the region is keeping them here.
Data shows that the real estate market in the New Providence/Union County region is doing extremely well. Comparing the spring real estate sales market (April, May, June, July) for 2013 versus the same period in 2014, the days on market (DOM) for homes for sale has decreased by nearly two whole weeks and sellers are receiving their asking price 99% of the time.
The average price of homes selling in the New Providence/Summit/Berkeley Heights areas is $858,000 - approximately $120,000 more than one year ago for the same period.
About Erickson Living: Erickson Living is a nation-leading developer and manager of continuing-care retirement communities, headquartered in Baltimore, Maryland. Further information regarding Erickson Living is available at www.ericksonliving.com.
About Lantern Hill: Lantern Hill is located in the township of New Providence (Union County), New Jersey. The nearly 21-acre site is the perfect northern/central New Jersey retirement destination. More information about the community can be found at: www.LanternHillCommunity.com.
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From left to right: Mark Hunter, Erickson Living Director of Development, Lantern Hill Sales Counselor Kathy Banks Hoefling, (In the back with the beard and glasses) New Providence Borough Administrator Douglas Marvin, Assemblywoman Nancy Muñoz, New Providence Councilman Rob Muñoz, U.S. Congressman Leonard Lance, Assembly Leader Jon Bramnick and Lantern Hill Executive Director Patricia Swan.