Construction is underway on a new luxury apartment community coming to Princeton: the $63 million The Alice, from Boston-based WinnCompanies.
The 155,000-square-foot property will feature 125 units designed for a hybrid/work-from-home lifestyle with sizable floor plans, dens in 40% of the units, private balconies for all residences, amenity spaces, an accessible roof deck, a dog spa and dog run, according to a March 8 announcement from the national developer and manager.
One hundred of the units will be leased at market rate while the remaining 25 will offer affordable rents ranging from 30% to 80% of Area Median Income, WinnCompanies said. The unit mix will include 62 one-bedroom apartments, 26 with dens; 57 two-bedroom apartments, 28 with dens; and six three-bedroom residences.
The property will feature 163 parking space with 15 on-site electrical vehicle charging spaces and eight dedicated car-sharing spots. Additionally, The Alice will offer 99 long-term and 46 short-term indoor and outdoor parking spaces for bicycles.
The development located at the intersection of North Harrison Street and Terhune Road is anticipated to be completed and ready for occupancy in summer 2024.
According to a statement from WinnCompanies CEO Gilbert Winn, “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.”
This summer, those efforts to benefit the community will begin to take further shape when WinnCompanies begins work on a 1.46-acre linear extension of an existing public park in the neighborhood. Part of a public betterment agreement with the Municipality of Princeton, the company said the space will feature a playground, public seating areas, a dog park, walking and cycling paths, native plants, ornate landscaping and more, all of which will be dedicated to the town through a long-term easement.
In addition to private balconies, apartments will feature in-unit washers and dryers, stainless steel appliances, quartz kitchen and bathroom countertops, sound-proofed walls and flooring, and high-efficiency windows.
“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 & Redevelopment Committee. “The Alice includes cutting-edge sustainability features, recreational amenities for the surrounding neighborhood and, most importantly, 25 new affordable housing opportunities. This was truly a ‘win-Winn’ for all involved — and a model public-private partnership that sets the bar high for those wishing to work with the municipality in the future.”
WinnDevelopment Vice President Steve Gilbert echoed that sentiment about the company’s partnership with the municipality offering a model for other developers working in Princeton. “We’re proud that Princeton officials point to this constructive collaboration as the type of partnership that they prefer,” he said.
According to WinnCompanies, WSFS Bank served as construction and permanent lender with Wayne’s Valley National Bancorp acting as co-lender. The Municipality of Princeton is supporting the public amenities portion of the project through a Redevelopment Area Bond.
A club room with private living rooms, tasting bar, library space, work-from-home nooks, fitness center with private work-out pods overlooking a patio, a wellness space, a children’s creative play space, a roof deck with grilling stations, art gallery featuring locally created art, pet spa, and private storage opportunities.
PS&S of Warren is providing architectural, landscape architecture and engineering services for the project with Phillips Preiss Grygiel Leheny Hughes of Hoboken acting as the planner. Conant Design Group is interior designer for the project, and Sordoni Construction of Bedminster is the general contractor. Berman Indictor of Philadelphia served as transaction counsel, while Troutman Pepper of Princeton provided legal counsel for land use and local approvals, WinnCompanies said.
WinnCompanies currently owns and operates seven apartment communities in New Jersey (in Atlantic City, Bridgeton, Jersey City, Passaic, Paterson and Tinton Falls) with 660 total units. The company also manages 11 communities, with a cumulative 1,393 units, across the state for private and nonprofit clients.
An onsite management and maintenance office at The Alice will be staffed by WinnResidential, the company’s property management segment.
Last week, WinnCompanies was announced as developer for the $500 million revitalization of Jersey City’s Holland Gardens public housing community in downtown.l