Plans for The Alice in Princeton call for 125 one- and two-bedroom apartments, including 100 market-rate units and 25 that will be priced for lower-income renters, along with dens and amenities to support hybrid work. — Rendering courtesy: WinnCompanies
By Joshua Burd
WinnCompanies has broken ground on a $63 million project that will bring 125 luxury apartments to Princeton, with plans to expand a nearby park as part of the development.
Slated for delivery in summer 2024, the 155,000-square-foot complex will soon rise at the intersection of Terhune Road and North Harrison Street. The developer’s plans call for a mix of one- and two-bedroom homes, including 100 market-rate units and 25 that will be priced for lower-income residents, with rents ranging from 30 to 80 percent of the area median income.
The complex known as The Alice will also be adjacent to a new 1.46-acre public neighborhood park with a playground, public seating areas and a dog park, which Winn is developing.
“This project will showcase all the capabilities of WinnDevelopment, from the gorgeous design and our attention to resident needs to important environmental sustainability innovations and substantial community improvements,” WinnCompanies CEO Gilbert Winn said.
In a news release, the firm said it has designed the 155,000-square-foot project with hybrid workers in mind, noting that there will be dens in 40 percent of units, private balconies in all homes and amenities such as a roof deck, a dog spa and a dog run. As part of an agreement with the municipality, Winn also will start construction this summer on a linear extension of an existing public park, creating a pergola, sitting areas, walking and cycling paths, native plantings garden, ornate landscaping, parks for large and small dogs and a playground.
The public betterments will be dedicated to Princeton through a long-term easement.
“Our close collaboration with WinnDevelopment over the past three years to create a project that made sense for Princeton was a resounding success,” said Princeton Council President Mia Sacks, who also chairs the town’s affordable housing, planning and redevelopment committee. “The Alice includes cutting-edge sustainability features, recreational amenities for the surrounding neighborhood and, most importantly, 25 new affordable housing opportunities.”
The unit mix will include 62 one-bedroom, 57 two-bedroom and six three-bedroom floorplans, with 54 of the overall apartments including dens, according to a news release. Winn added that The Alice will have a range of environmental sustainability features, including Zero Energy Ready Homes certification — a Department of Energy standard with stringent performance requirements — as well as high-efficiency air source heat pumps and a building envelope designed to Passive House standards.
“We were pleased to work with Princeton’s leadership to plan a development that provides high-quality apartment homes, sensitivity to climate change and much-needed public benefits,” said David Ginsberg, a senior vice president with WinnDevelopment. “This project will promote walkability, pedestrian access and sustainable modes of transportation that include separate walk and bicycle paths surrounding the property. It will be a model for well-coordinated development between private and public parties to deliver first-class housing and great community betterments.”
WSFS Bank served as the construction and permanent lender, with Valley Bank acting as co-lender, the news release said. Princeton is supporting the public amenities portion of the project through a Redevelopment Area Bond.
“WSFS is thankful for the opportunity to provide WinnDevelopment with both a bridge loan for acquisition and a forward starting swap with our ‘construction to perm’ option, prior to closing,” said James Wolfe, vice president of commercial real estate for WSFS Bank. “It is a privilege to work with such a professional and sophisticated development team and we are delighted to see this Class A product, along with the public betterments, come to fruition.”
PS&S of Warren is providing architectural, landscape architecture and engineering services, with Phillips Preiss Grygiel Leheny Hughes of Hoboken acting as the planner for The Alice, the news release said. Conant Design Group of Ipswich, Massachusetts, is acting as the interior designer for the project, while Sordoni Construction of Bedminster is the general contractor.
Berman Indictor LLP of Philadelphia served as transaction counsel, Winn added, while Troutman Pepper of Princeton provided legal counsel for land use and local approvals.
“This private-public initiative has provided a model for Princeton in working with other developers,” WinnDevelopment Vice President Steve Gilbert said. “We’re proud that Princeton officials point to this constructive collaboration as the type of partnership that they prefer.”
