By Philip Sean Curran, Staff Writer
For nearly 21 years, David Newton cast a deep influence on the development of downtown Princeton during the time he was the vice president of Palmer Square Management.
His tenure there ended Friday, in what he called a “reassignment” that comes at a time with about six vacancies in the upscale shopping and dining district. Lori Rabon, general manager of the Nassau Inn, the hotel in the square, took over from him on Monday.
“It was a good time to move on,” Mr. Newton said Monday in a phone interview.
During the conversation, he reflected on almost 21 “great years” at Palmer Square, pushed back against criticism that too many national retailers had taken over the square and discussed his next steps. He expressed optimism for the future of Princeton, even as he said the retail industry is in “very challenging” times due to competition from the Internet.
Mr. Newton, 59, said he would remain involved with the New York-based ownership group of Palmer Square in other properties it has outside of Princeton, and that he would be involved in his own real estate and investment company, Pyn Investments LLC.
Mr. Newton, a British-born businessman with a Wharton MBA, started at Palmer Square in June 1995. He said that during his tenure, Palmer Square became a “world class asset” with “world-class tenants.”
He rejected as “not true” criticism that the square has been taken over by national retailers. He said there is a “fair share” of such brand-name stores but he pointed to local and regional tenants, like children’s toy store JaZams and clothing retailer Zoe.
Under his watch, Palmer Square built a 100-unit luxury residential development that is part rental, part for-sale units. The for-sale units did not sell as well as expected, although some of them were converted to rental units in a development that is more than 90 percent occupied, he said.
Losing out in the bidding to buy the former post office property in the square was a disappointment, he said. The winning company will bring Triumph Brewery to the vacant building. He said the restaurant would enhance the square, although it brings more competition to the restaurants already there.
For her part, Ms. Rabon on Monday expressed excitement at taking on what she describe as a “tremendous role for me.” She will continue to serve as general manager of the hotel.
She is due next week to travel to a conference in Las Vegas, Nevada, to meet with potential tenants. She said she did not see the roughly half a dozen vacancies as a negative but rather as an opportunity to think “carefully” about the mix of businesses in a part of town to serve tourists, residents and college students.
Mr. Newton said he has identified tenants for all those vacancies, and that the management is working “toward getting them leased.”
Ms. Rabon has nearly 29 years with the ownership group of Palmer Square, and is familiar with the community. She is active in the Princeton Merchants Association.
