By Greg Forester / Staff Writer
WEST WINDSOR — InterCap Holdings Chairman Steve Goldin has accused Township Council members of plotting to “delay or outright kill redevelopment” through a plan to slash the number of homes on his company’s property, as called for in redevelopment planning.
In a letter sent to the township on Wednesday, Mr. Goldin wrote that council members could direct planners to create a scheme with housing units on parcels other than InterCap’s, during a discussion of plans for the company’s 25-acre property scheduled for Monday. That would “not make sense from a sound planning, financial, or public process point of view,” he wrote, and would jeopardize InterCap’s involvement in the process.
”If council were to approve this option, InterCap would not redevelop its property,” wrote Mr. Goldin.
Such an event would seriously compromise the township’s financial footing as far as redevelopment is concerned, according to the developer, who wrote that the township would be left without the financial resources to pursue amenities desired by residents, like more parking and improved traffic infrastructure.
”In that event, the township would lose $38 million of the $74 million of bonding capacity for the entire redevelopment project,” he wrote.
A scheme with housing away from Mr. Goldin’s property would be a departure from existing InterCap plans, which call for the main concentration of housing to be built on the company’s Washington Road property, north of the Dinky tracks. The same plans call for parking and office space to be built south of the tracks, around the Princeton Junction train station.
The use of InterCap’s property for the bulk of the housing has been strongly supported by other planning authorities that have worked with the township on redevelopment, Mr. Goldin wrote.
Traffic impact, the current ownership of property by NJ Transit, a need for vibrancy, and the definition of mixed-use development were all used as support for a decision to place most of the homes on the InterCap site in Mr. Goldin’s letter.
Mr. Goldin wrote that he feared any significant decision on housing would be late Monday night, at a time when members of the public had departed for home.
”The council will effectively be taking a ‘midnight vote’…” wrote Mr. Goldin.
At least a contingent on Township Council do seek to have a redevelopment plan in place with more housing at locations away from InterCap’s site, according to Council President Charles Morgan, who called Mr. Goldin’s letter “marketing spin.”
”This is supposed to be a mixed-use development,” said Mr. Morgan. “We do not want to segregate the housing from commercial (space).”
Township consultants, like Planner John Madden and traffic advisor Gary Davies, will be informed Monday of Township Council’s intentions with the redevelopment plan, according to Mr. Morgan, who said that “it would be criminal for Madden, Davies, NJ Transit, and the DOT to be modeling traffic on bad assumptions.”
About Mr. Goldin and the possibility of changes to housing schemes, Mr. Morgan said, “He heard the rumor and he’s concerned. He’s about control and getting the best bang for his buck.”
Although Mr. Morgan admitted that a contingent on council desired housing in places other than Mr. Goldin’s property, other council members said nothing had been decided.
”We’re having a discussion Monday night,” said Councilwoman Linda Geevers. “Progress is being made meeting by meeting, but no decisions have been made.”
Ms. Geevers, regarding Mr. Goldin’s promise to remove InterCap from the process with a housing change, said “No one is going to box us into anything, it’s an open process and we’re going to discuss InterCap’s plan.”
Mayor Shing-Fu Hsueh said the Goldin letter surprised him.
”I just hope we can end the politics,” said Mayor Hsueh. “In the meantime we are not creating parking, business opportunities, or traffic improvements.
”We need to focus on the issues that we deal with in the township.”

