New restaurants, fitness club and spa among plans
By: Courtney Gross
PLAINSBORO Built almost two decades ago, Forrestal Village, located off Route 1, is attempting to draw customers by committing to yet again another makeover.
Representatives from The Gale Co. managing agent and partial owner of the retail, hotel and office complex said they have begun to gut, saw, and sand its balconies and retail areas while recruiting upscale tenants to fill the vacant spaces, which currently stare out at passersby.
The 720,000 square foot Forrestal Village is comprised of 320,000 square feet of office space, 175,000 square feet of retail and professional space, as well as the 320-room Princeton Westin at Forrestal Village.
The office space is currently 95-percent occupied, said Frederick Knapp, vice president of property management and asset manager for Gale, while the retail space is 48 percent occupied. But, after the confirmed new tenants have moved in this fall, the occupied retail space will be up to 60 percent, he said.
When the improvements to Forrestal Village are completed, Mr. Knapp said, retailers will have "the potential to fully exercise their brand."
Within the plans for the complex’s transformation is the addition of several restaurants, including Salt Creek Grille. The Gale Co. had purchased two liquor licenses from Plainsboro Township and is currently negotiating with several restaurants for the remaining license, Mr. Knapp said.
The Salt Creek Grille plans to bring live music, specifically jazz, to Forrestal Village, allowing customers to enjoy a sizzling steak and soulful music concurrently, Salt Creek Grille’s co-founder, Tim McCune, said. The restaurant will also be equipped with outdoor fireplaces for diners to relax and enjoy a glass of wine, he added.
"When we go into a new community," Mr. McCune said, "being a part of that community is really important to us."
In addition to the restaurants, Forrestal Village will also be adding a Can Do Fitness Club affixed to a Koi Spa. Both the fitness center and spa will be located at the current food court site on Main Street and the new food court is being relocated to Rockingham Row, said David Kuna, senior property manager for Gale. The frequent visits by gym members will bring a continuous flow of foot traffic to Forrestal Village, Gale representatives said.
Forrestal Village has seen its fair share of transitions. When the complex was first built in the 1980s by Connecticut developer W. Scott Toombs, it was geared towards high-end consumers and full of expensive jewelry and designer apparel. When this attempt failed, the Bank of New York foreclosed on the property and left it to The Gale Co. to make the mixed use mall a success.
Mr. Knapp said the first try at a luxury image for Forrestal Village was not successful because the Princeton-area population was far smaller than it is now.
During the 1990s, The Gale Co. transformed Forrestal Village into discount outlets, which were profitable until after the millennium. Increased competition and the national downward trend of outlets caused the village to become half empty, Mr. Knapp said.
Over the past several years, the five square miles around the complex has seen a population growth of approximately 9 percent, according to estimates by Levin Management, the leasing agent for Forrestal Village.
Area residents are also extremely affluent, Gale representatives said, and their disposable incomes go hand in hand with some of the restaurants and stores opening in the new Forrestal Village. In the immediate five miles surrounding the complex the estimated average household income for 2005 is $152,046, according to Levin Management figures. Because of these factors, representatives said, they expect the newest version of Forrestal Village to be a success.