Cushman & Wakefield on July 12 announced Princeton University retained the firm to arrange for the sale of the Princeton Nurseries development site.
Located within the Princeton Forrestal Center, the site totals 271 acres and represents the last large development parcel in the university’s Corporate Office and Research Complex. A Cushman & Wakefield team of Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Mark Weiss and Ryan Dowd will lead marketing efforts on behalf of the University.
Debra Tantleff of TANTUM Real Estate is working with the team in an entitlement advisory role.
“We are excited to be working with Princeton University to find a development partner for this once-in-a-generation opportunity,” said Whitmer. “The 271-acre Princeton Nurseries site has been primed to integrate a mix of best-in-class residential, retail, office and hospitality uses into an area that is highly regarded as one of the region’s major economic hubs.”
Situated on approximately 109 acres in Plainsboro Township and 162 acres in South Brunswick Township, the site has received General Development Plan approvals, allowing for residential, retail, office and hospitality use in a carefully planned 2,300-acre mixed-use live, work, stay and play environment situated along U.S. Route 1.
“We look forward to finding a first-class developer to help sustain Princeton Forrestal Center as one of the nation’s leading University-affiliated research centers,” said KyuJung Whang, vice president for facilities, Princeton University. “The development of the Princeton Nurseries will strengthen our longstanding partnership with the Plainsboro and South Brunswick communities.”
The Plainsboro General Development Plan was approved in September 2020 and allows for a high degree of development variability and optionality, consisting of approvals for 605,000 square feet of non-residential, including up to 310,000 square feet of retail, up to 220,000 square feet of office and research and a 125-key hotel, as well as up to 950 residential units with a mix of unit types, including townhomes, condo apartments, rental apartments, manor homes and single-family.
The South Brunswick General Development Plan that was put in place in July 2004 allows for up to 1,800,000 square feet of non-residential development, including but not limited to a 300-key full-service hotel, executive and corporate offices, laboratories, high-tech and science assembly and production and health maintenance.