PRINCETON, NJ-AvalonBay Communities has agreed to acquire the University Medical Center at Princeton building on Witherspoon Street here from the Princeton HealthCare System, as well as nine houses that PHCS owns on Harris Road.
The purchase price was not disclosed. PHCS is opening a replacement hospital in 2012, and the property has been rezoned, with approvals for up to 280 residential units and 79,000 square feet of retail and commercial space, according to published reports. That may not be precisely what is built, Ron Ladell, vice president of Arlington, VA-based AvalonBay Communities, tells GlobeSt.com.
“There is zoning in place to build a multifamily community, and we intend to build a multifamily community,” Ladell says. “We’re looking forward to meeting with the constituencies,and in coming weeks we’ll be reaching out to people.”
A timeline and precise plans are premature, he adds. But it is likely that the hospital building itself will be taken down, while other buildings preserved.
"We are deeply committed to the Princeton community and wanted to find a buyer that has a strong track record of being an excellent community partner," says Barry S. Rabner, president and CEO of PHCS, in a statement. "We have found that in AvalonBay." Officials did not return phone calls by press time.
The deal is the latest major sale in the area. In January, Princeton Forrestal Village was sold to an entity of Investcorp International for $55 million.
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