They commit Princeton Borough to a maximum $13.5 million for the public portions of the deal.
By: Jennifer Potash
It’s too late to back out of Princeton Borough’s downtown garage redevelopment project, Mayor Marvin Reed said as he signed the agreement Monday afternoon.
Mayor Reed inked both the redevelopment and financial agreements with developer Nassau HKT Associates LLC. The agreements commit the borough to a maximum $13.5 million for the public portions of the deal a 500-car parking garage, new plaza and walkways on the former Park & Shop lot off Spring Street. The other buildings, two mixed-use buildings, will be constructed and owned by the developer. The borough is leasing the land to the developer for a 99-year period.
"What is remarkable is we will have a truly civic place next to the new library," Mayor Reed said.
Robert S. Powell, principal with Nassau HKT Associates, who also signed the documents, said his team "couldn’t be more enthusiastic" about the project.
Mayor Reed thanked all the groups so influential in shaping the project, including Princeton Future, the Princeton Regional Planning Board, the Princeton Borough Council and citizens of the borough and Princeton Township.
Mr. Powell said that in 30 years in the real estate and redevelopment business, he could not recall ever "working so hard to put together a project in such a short period of time to get such a good result."
The review process by the state Department of Community Affairs is under way and if the schedule proceeds apace, the garage construction will begin in March and it will open as soon as early December, Mr. Powell said.
"I promised by the end of the year to have the garage open, which I am not only going to do, but might be able to exceed it," Mr. Powell said.
Criticisms that the borough gave the developer a "sweetheart deal" are unfounded, Mayor Reed said. Mr. Powell said he agrees with the mayor.
One outstanding issue is a lawsuit filed by members of Concerned Citizens of Princeton seeking to halt the project. A hearing is scheduled for Feb. 21.
Borough Attorney Michael J. Herbert said attorneys for Concerned Citizens asked for a delay in signing the agreement.
"The key thing is to get the garage built and open so the merchants won’t have another year like this one," Mr. Herbert said.
Guests at the signing, who received a departing gift of a Princeton Borough commemorative pen from Mayor Reed, included Borough Councilman Joseph O’Neill, Princeton Township Mayor Phyllis Marchand, Borough Administrator Robert Bruschi and Borough Engineer Carl Peters.
Also attending were Robert Geddes and Sheldon Sturges of Princeton Future; Leslie Burger, director of the Princeton Public Library; Harry Levine, chairman of the library trustees; and Victoria Bergman and Wanda Gunning of the Princeton Regional Planning Board.

