The Lawrence Township Council has approved a redevelopment agreement with the Lawrenceville Development Group LLC to redevelop the Princeton Pike Office Park at 3131 Princeton Pike.
Mayor Patricia Hendricks Farmer and Township Council members Christopher Bobbitt, James Kownacki and Olympia I’Liou Perry voted “yes.” Councilman John Ryan was the only council person to vote against the agreement at the April 16 meeting.
A redevelopment agreement sets out the terms and conditions of the project and how it will be carried out. The council designated the office park as an area in need of redevelopment last year.
Attorney Dino Spadaccini, who represents the Lawrenceville Development Group LLC, said his client expects to file an application for site plan approval within the next couple of months.
The redevelopment agreement caps a multi-step process that grew out of the developer’s proposal to redevelop the office park into a mixture of residential and commercial uses. A presentation was made to the council in November 2022.
The 27-acre office park has 500 feet of frontage on Princeton Pike. There are six office buildings that are partially occupied. The concept plan that was presented in 2022 showed three of the six office buildings being demolished and replaced with a mixed-use development. The remaining three office buildings would not be affected.
The concept plan called for the two office buildings that face Princeton Pike to be replaced with two mixed-use buildings. The concept plan called for stores or restaurants on the first floor and apartments on the second floor.
The office building behind the two existing office buildings would be demolished and replaced with a three-story apartment building, according to the concept plan.
Meanwhile, the redeveloper’s agreement stated that at least 15% of the apartments must be set aside for affordable housing. They would be deed-restricted for 30 years.
At least 50% of the affordable housing units would be earmarked for low-income households. Of those units, 13% would be for very low-income households. The rest would be for moderate-income households.
The agreement stipulates that a maximum of 20% of the unit would be one-bedroom apartments and at least 20% of the units would be three-bedroom apartments. The rest may be two-bedroom apartments.
The affordable housing units would be interspersed among the market-rate apartments. A maximum of 30% of the units on any floor would be set aside for affordable housing.
The maximum income for a one-person household to qualify for a very low-income household is $27,311. A low-income household cannot earn more than $45,519, or more than $72,830 to qualify for a moderate-income household.
A four-person household can earn a maximum of $39,016 to qualify as a very low-income household, and up to $65,027 for a low-income household. A four-person household can earn a maximum of $112,367 to qualify for moderate income status.
The maximum income for a six-person household to be considered for a very low-income unit is $45,259, and up to $75,431 to qualify for a low-income affordable unit. The maximum income for a six-person household to qualify for a moderate-income housing unit is $120,690.
