PRINCETON, NJ-The township's planning board has green-lighted AvalonBay Communities' revised plan for building an apartment complex – including 56 affordable units -at the former Princeton Hospital site.
The development company's Jon Vogel said the project will now move forward quickly, as there is high demand for multi-family housing in the Princeton community.
He said the final design plan had been recognized by planners as being “more open and accessible to the wider neighborhood” as had been requested. In response to community input, AvalonBay had also added some town homes and more “green” building features to the plan.
“We have committed to build 56 affordable units, which is a full 20% of the total 280 apartment homes, which will serve a wide range of incomes,” Vogel said.
“With this plan, we are very pleased to be able to help the Princeton community address its pressing need for both affordable and market rate housing that is within easy walking and biking distance of shopping, services, parks, and the University,” he said.
Acknowleding the approval process as long and arduous, Vogel nonetheless said extensive community input resulted in an improved plan. “Our engagement with residents and local officials on the issues that mattered to them has made us even more enthusiastic about being part of Princeton,” he added.
He said AvalonBay will make a donation to the Princeton Arts Council as a “first step” in that direction. The donation will be earmarked for provision of public art on the Avalon Princeton site.
This will be AvalonBay's 20th apartment community in New Jersey. The company is a REIT focused on developing, redeveloping, acquiring and managing high-quality apartment communities. It currently owns or has interest in a total of 272 apartment communities in 12 states and Washington, D.C., containing a total of 81,279 units.
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