To the Editor:
In her letter of Feb. 27 (“Opposition to AvalonBay Not ‘Widespread’”) Sandra Persichetti makes some excellent points that should have been considered at least six months ago. As she points out, we are now the defendants in expensive legislation, with a potential of $2 million in damages, plus cost of defense.
This is the second time that the hospital has been on the verge of selling this non-productive asset that is a significant cash drain. If this option expires May 1, it doesn’t help the chances for the hospital to find another purchaser. Given the recent history, it is hard to imagine another developer willing to go the trouble of trying to develop the property. If the option to purchase expires on May 1, we’re back where we started — a deteriorating vacant building occupying a significant piece of property. We already have one of these on Valley Road, and that has not been a good experience, as was pointed out by Mr. Woodbridge in his recent letter.
We are all dependent on the services of the Princeton Hospital. To be unable to sell this property puts an incredible financial burden on our hospital. If the property is ever to be sold, some form of multi family housing is probably inevitable.
Maybe the AvalonBay development plan was flawed. However, the value of the underlying real estate is such that it is probably not reasonable to expect that the site will be turned into something like a bird sanctuary.