More than 30 inquiries for major downtown project.
By: Jennifer Potash
Princeton Borough’s proposal for a downtown garage has drawn "significant interest" from the development community, Borough Administrator Robert Bruschi said on Monday.
More than 30 inquiries were made for the request for qualifications the document that asks potential developers to address their ability to complete the project on time and within the budget as well as provide a share of the financing Mr. Bruschi said.
The responses are due Wednesday.
"We hope it will be a good yield," he said.
The Borough Council approved in August a plan for a 483-space parking garage to be built on the Park & Shop lot and atop a new building on the adjacent Tulane Street lot. New retail and residential space, a plaza and a possible food market are included in the plan.
Mr. Bruschi said he will discuss the process to evaluate the candidates with the council tonight.
A team comprised of Mr. Bruschi, Borough Engineer Carl Peters and the consulting firm The Atlantic Group will review all the responses and submit a report to the council recommending five to six candidates by Feb. 26.
The council will approve the list of candidates, he said.
The council’s first meeting in March will be devoted to interviews of those firms in order to reduce the candidate pool to three or four, Mr. Bruschi said. The borough will invite those candidates to submit more detailed proposals, he said.
A developer is expected to be selected by early April, he said.
Also, the Princeton Regional Planning Board will hold a public hearing Thursday on a report recommending the proposed garage site be declared an area in need of redevelopment. This step must be taken before the borough can bring a private developer into the project.
The developer selection process is proceeding on a tight schedule in order to have the garage project proceed in tandem with the Princeton Public Library expansion. The new, three-story library is expected to be completed in late 2003.
Mayor Marvin Reed could not be reached for comment Monday.