By: centraljersey.com
The good news is that there appears to a lot of potential buyers for the hospital complex that the University Medical Center in Princeton will be leaving next year when it moves to its new campus in Plainsboro.
The question: What will go into the space on Witherspoon Street?
The property is zoned for mixed-use residential and the marketing agency hired by the Medical Center says about 120 potential buyers have contacted it looking for information.
Mark DeLillo, founding member and managing partner at New York-based Blue Gate Partners, says the majority of the interested parties are major local, regional and national residential developers.
"The majority (of the complex) would be residential with some mixed-use retail and medical," he said.
The question is how much of it would it be affordable for low- to middile-income people?
As it is, not too far away, The Residences at Palmer Square is ready to open a model "townhome" to potential buyers.
That project will consist of 100 units, containing 17 federal-style, two- and three-bedroom townhomes, 31 one-, two- and three-bedroom condominiums and 52 luxury apartments located in seven buildings. Completion is scheduled for 2012.
The prices for the townhomes and condominiums in Phase 1 range from $1.3 to $2.6 million.
Even closer, just up the street, architect J. Robert Hillier bought eight buildings on three blocks between 114 Witherspoon and 188 Witherspoon late last year.
The properties are mostly residential and it’s not known what he plans to do with them. But clearly he will be looking for a return on his investment.
In any case, it would appear that change is coming to Witherspoon Street.

