The planning board in Plainsboro gave final approval for a redevelopment project on the former Princeton Nurseries site.
It calls for hundreds of units of housing, retail, a hotel and office space to be built on the 109-acre property near the borders of South Brunswick and Princeton.
The plan was initially approved in June but the planning board held a vote for final approval of the resolution at its Oct. 14 meeting.
“It’s just a technical memorialization of the application we approved in June,” Yates said. “Everything is the same.”
The property is owned by WRV Nurseries, which is a joint venture between Woodmont Properties, Russo Development and Vision Real Estate Partners.
“We are gratified for the Township’s continued support of our project and providing us with the final approvals needed for site plan approval so that we may bring the town’s vision for this project to life,” Chris Erb, vice president of development at Russo Development, said in a statement.
“We are finalizing our construction schedule and hope to break ground before the end of the year, with completion of our initial building expected by late 2027/early 2028,” he added.
The project will be built in phases. Phase one is expected to be completed within three years of its start. Phase two is expected to be built within five to eight years and Phase three is expected to be built between eight and 19 years from the start of construction.
In 2020, Plainsboro came up with a general development plan for the site, which from 1913 until 1995 operated as a commercial plant nursery, at one time the largest in the country.
The property was originally zoned for office and research use.
However, when demand in that market declined around 2018, Princeton University asked Plainsboro to create a general development plan and rezone the site—giving the township greater control over what could be built there, Yates said.
The township wanted to create a neighborhood that has a main street component, according to the general development plan.
The plan includes apartments and townhomes ranging from one- to three-bedroom units, single family homes, age-restricted housing and affordable units. Some will be rentals and some will be for sale.
The two phases of the plan that were approved so far include 853 housing units. A third phase, which has not yet gone before the planning board, could bring that number to 950. About 96 units will be affordable housing.
The development is designed to be a walkable community with an amphitheater, space for a farmers market and other events and 40 percent of the 109 acres will be kept as open space — 10 percent more than the general development plan required, Yates said.
It will also add $900,000 to the municipal budget and $3.3 million to the school budget, Yates said, noting that the property was tax-exempt when it was owned by Princeton University.
Source: nj.com
#humanitiesinrealestate