AvalonBay Communities Inc. said April 28 it is partnering with Pulte Homes, Atria Senior Living and Welltower Inc. to transform the 25-acre property at the door of the Princeton Junction train station into a $300 million mixed-use residential and retail community.
“We’re tremendously excited to lead, with our co-developers, the next stage in the transformation of Princeton Junction’s transit village,” said Ron Ladell, AvalonBay senior vice president. “By selecting Welltower and Atria to jointly develop the senior living community, we are partnering with the best-in-class senior housing developers and owners. Further, we are pleased to announce that Pulte Homes will be developing both new construction townhome and condominiums that will appeal to a wide variety of residents.”
The project encompasses 535 multifamily apartment homes by AvalonBay, 135 senior housing apartments by Welltower/Atria, and 48 condominium flats and 150 for-sale townhomes by Pulte, along with a very large public promenade bordered by retail space.
“As a further example of the uniqueness of this overall development, residents can choose from rental housing that is or is not age-restricted along with for-sale housing, with all residential options only steps away from one of the most active train stations in the entire Northeast,” said AvalonBay Vice President Scott Fishbone.
The senior living community at Princeton Junction is intended to be developed and owned by a joint venture between Atria Senior Living and Welltower, with the community planned to be managed by Atria after completion.
“We believe in the potential of this development to help older adults in this part of New Jersey live their best lives,” said Atria Senior Living Chairman and Chief Executive Officer John Moore. “Within the next 10 years, the number of people above the age of 80 will be at its highest levels in history, and there is significant demand for senior living communities that can protect, nurture and enrich the lives of older adults. We are happy to partner with the outstanding team at Welltower and work alongside AvalonBay on this exciting mixed-use development and revitalization.”i