By Kristine Snodgrass, Staff Writer
WEST WINDSOR — Intercap Holdings has backed off plans to end cooperation with the Township Council over the redevelopment of the train station area.
In a complete turnaround, company chairman Steve Goldin was invited by council to sit at the table with them during a workshop on the redevelopment draft plan Friday morning at the municipal building.
Last month, the company had released a statement saying that it was frustrated with a lack of progress in the township’s redevelopment plans and would seek rezoning for its 25-acre property along Washington Road to build 1,440 condominiums and 88,000 square feet of office and retail space.
At the meeting, Mr. Goldin proposed building a total of 935 housing units on the property. He attributed the reduction to the “extraordinary” nature of the meeting.
”Today for the first time we’re all seeing the great things that can happen when the public and the private sector sit down at the table and work on a situation,” he said.
Under Mr. Goldin’s proposal, the first phase of building would begin in 2011, with the first 660 units to be completed the next year. Of these, 528 would be market-rate units and the remainder would be set aside to meet the township’s affordable housing obligation.
The next 215 would be built if fewer than 185 schoolchildren moved into the first 660 units. Otherwise, Intercap would require approval from council to continue to the second phase.
Mr. Goldin has been asked by council to help with a portion of the township’s affordable housing requirement.
Construction by NJ Transit on its property would create a need for about 60 units, which Mr. Goldin agreed to build on his property in the second phase of construction provided that parking for the units would be paid for with tax increment financing through the township, and the affordable housing fee assessed on NJ Transit by the township be conveyed to Intercap.
