Lawrence Township officials are close to wrapping up a deal to buy nearly six acres of land bordering Colonial Lake from Sheft Associates Inc., effectively blocking a proposal to build an extended-stay hotel on the banks of the lake.
Sheft Associates Inc. agreed last summer to sell the 5.9-acre parcel – part of a larger 8.8-acre tract that holds the Colonial Bowling and Entertainment Center at 2420 Brunswick Pike – after being approached by Lawrence Township.
The purchase price is $3.65 million. A contract has been issued and is under review.
Sheft Associates Inc. had proposed building a 123-room extended stay hotel on the property, which drew opposition from residents in the Colonial Lakelands neighborhood on the opposite side of Colonial Lake.
The residents formed a group – Save Colonial Lake – and advocated for the township to buy the land it preserve it. They pointed to the wildlife, including a bald eagle, that have made it their home. Lawrence Township stepped in and offered to buy a portion of the 8.8-acre parcel.
The 5.9-acre lot will be added to the township-owned Colonial Lake Park, and Colonial Bowling and Entertainment Center will continue to operate on the smaller, subdivided lot. The action will not affect the entertainment center’s business.
The agreement calls for Lawrence Township to have the right of first refusal if Sheft Associates Inc. decides to sell the smaller lot, which holds the entertainment center. This means the lot must be offered to Lawrence Township before it is offered for sale.
Funding for the $3.65 million deal will come from several sources, including the Lawrence Township Open Space Trust Fund and the Lawrence Township Conservation Foundation.
Other funding sources include grants from the Mercer County Open Space Assistance Program and the New Jersey Department of Environmental Protection’s Green Acres Program.
The Save Colonial Lake citizens group has also pledged to raise money toward the purchase price.