By Philip Sean Curran, Staff Writer
Developer AvalonBay has sued amid a dispute with Princeton officials over how long it must make rental units available to low- and moderate-income tenants of its yet-to-be-built apartment complex on Witherspoon Street.
The company contends in court papers that the town is trying to extend that period of time beyond the 30 years that is called for in municipal ordinance and the developer’s agreement between the two sides. Out of a 280-unit project, 56 of them must be affordable units or priced lower than the market rate.
“AvalonBay will suffer significant financial harm if the affordability controls are extended beyond 30 years due to AvalonBay’s inability to rent the affordable units at market rates,” read the suit in part. The lawsuit was filed May 22 against Mayor Liz Lempert, the town and the municipal Planning Board in Mercer County Superior Court.
What’s more, the company said it was forced to sign under protest a deed restriction on those units or face being denied its building permits to construct the complex.
Company officials Jon Vogel and Ron Ladell declined to comment for this story.
