By Anne Levin
At a special meeting January 30, Princeton Council voted to introduce a redevelopment plan for two proposed developments on Thanet Road, currently the site of office buildings that are 90 percent vacant.
One of the proposals, by AvalonBay, is for a 221-unit, multi-family complex including six affordable apartments and five affordable apartments for adults with special needs. The other is an 80-unit, age-restricted, 100 percent affordable rental housing development by PIRHL Developers LLC.
The proposals will be considered by the Planning Board at its meeting Thursday, February 6, to see if they are consistent with Princeton’s Master Plan. The plan comes back to Council for a public hearing at its meeting on February 10. The developments make up a significant portion of Princeton’s affordable housing settlement plan, which is due to be considered at a fairness hearing on Friday, February 7.
AvalonBay, which was the developer of the apartment complex on the former site of Princeton Hospital, will make a payment in lieu of taxes on the Thanet property, the proceeds of which would offset the costs of building the senior development. more