Princeton is changing and a lot of people are talking about it. Like it or not, older homes are coming down to make way for new ones and empty or underutilized lots are being cleared, where apartment buildings and other housing are being built. New construction is happening all over town, and we’re here to help you understand where and why it is happening.
LARGE COMPLEXES APPROVED AND BUILT
Just within the past year, Princeton has watched several new apartment complexes go up (some market-rate, some affordable housing). The largest new area is Avalon Princeton Circle, formerly known as the Thanet Property on Thanet Circle, which has 221 units all ready and available to rent (1). This sits adjacent to the Princeton Senior Living built to offer 80 new senior residences. The Alice, built at the north end of Princeton Shopping Center will have 125 units (2). It has opened opportunities for leasing, but residents are not yet able to move in. And at the other end of the shopping center, Avalon Princeton on Harrison is still being built. This site will offer 200 units (3). Also under construction are two other sites; 64 affordable units are being built on Herrontown Road at the former SAVE site (4) while a mixed-use development behind the current building at 195 Nassau Street is underway to offer 45 units (5). In addition to these completed or mid-construction, 24 market-rate townhomes and 6 affordable units were recently approved to be built at 375 Terhune Road (6). And there is one more site, where construction likely won’t even begin until late 2025, but whose redevelopment plan was formally approved this summer. The former Princeton Theological Seminary (PTS) campus at Stockton Street is expected to bring Princeton up to 238 more residential units (7).
“People look at Princeton and say there’s a lot of units coming up. Yes, 1,000 units, but that’s because there’s been limited units built in the last 50 years,” notes longtime Princeton resident, Jamie Herring.
Herring is owner of Nassau Street Properties, which started buying apartments in Princeton’s smaller buildings in the 1990’s, renovating them and creating more appealing options for young professionals in the downtown area. He now owns about 50 units but has long felt that more quality market apartments are not only desired but needed. He is also owner of Herring Properties which aims to fill this void. It bought and will be redeveloping the former Seminary site (now draped in green fences), the first large apartment project on the western side of town since senior housing was built on Great Road in the 1980s. Even though it can feel like a lot at once, he says his new development is an additional part of the smart growth trend, enticing people into more central, walkable areas.
“There is a requirement to get a certain number of affordable units and we’re at the tail end of that requirement. That’s why you’re seeing this surge of Thanet, the shopping center, including The Alice. That’s basically 10-years of affordable requirements packed into a couple of years,” Herring explains. “People are demanding, they’re living and working from their homes 2-3 days a week or more. No longer do they need just a 2-bedroom, they also need a den for when they’re working. All my older units don’t have that. Or they’re now getting a 2-bedroom for just one person, but those are old and obsolete things. You adapt around it, but the better thing is to have newer construction that meets the changing environment.”
As Herring alludes to, the push for Princeton to welcome in the latest multi-unit complexes is in part a desire to have abundant market-rate, modern opportunities for retirees, seniors, and young families or professionals fitting in with the desired future Master Plan. But it has also been a way to get affordable housing units built and interspersed within market-rate ones. It’s a more recent trend which not only meets the municipal commitment, but it puts the financial burden onto builders instead of the town and enables people of different income levels to all live nearby each other. Approvals for these developments are not always easy, though. Lawsuits and/or contentious council and planning meetings have occurred for nearly every project mentioned above.
SINGLE FAMILY HOME CONSTRUCTION
Part of the changing environment one sees around Princeton is also in the single-family housing market. Though some desire the flexibility of the rental apartment or townhome, others want to build equity and plant their roots. Properties known as “teardowns” refer to lots where a buyer purchases with the intent of removing the existing home and rebuilding. In today’s market, despite high interest rates and home prices, teardowns don’t last long once listed and often sell above asking price. They are sometimes purchased by an owner who will then hire a builder or often by the builders themselves who will either try to sell the property to a new owner on spec (speculative house) before it’s built or put it to market once completed.
“Somebody who would tear it down usually has a bigger budget and they’re looking for something very specific, they want to put their stamp on their own individual home. More people just want move-in ready homes, I see a real need for that,” states Stephanie Will, Realtor at Caldwell Banker Princeton. “People are younger, usually with kids going to school, and they don’t always have the stamina to do a project like that. With the average sale price in Princeton now about $1.5m, they don’t want to start to have to do work.”
According to the multiple listing service (MLS), eight new construction homes have sold so far this year. It is likely there are even more new houses built than the MLS includes, as some houses are torn down after a sale is completed or homes are reconstructed on a lot that a homeowner has already lived on and owned.
“There’s a strong demand for single-family homes, especially those close to downtown Princeton. Clients are looking for homes that balance space, privacy, and functionality—particularly with the shift towards remote work and spending more time at home,” details Princeton builder, Michael Rotenberg, owner of Accel Building Company. “There’s also growing demand for energy-efficient and sustainable building practices. Homeowners are becoming more environmentally conscious and are seeking homes that reflect that mindset. We’re getting requests for homes framed with ThermaSteel panels, which not only offer exceptional insulation but are also manufactured in a zero-waste facility.”
In a high-priced housing market like Princeton, it can be a big decision to build your own home. With few open spaces around, if location is your priority, many are choosing the lot that’s located where they want to live, then building the house to match their needs. New construction may cost more upfront, but sometimes the longer-term benefits make it a better choice. For example, the energy-efficient practices Rotenberg mentioned are not only ways to prevent climate change but often ways to save money. Whether you choose to install multi-pane windows, use Energy Star appliances or build using materials such as ThermaSteel panels, it can save trees as well as result in lower energy costs, less maintenance and fewer repairs.
There’s also the reality that if you want to make substantial changes to an existing home, sometimes starting new can cost less and create fewer headaches.
“Renovations typically involve working with existing conditions that can lead to unforeseen issues, such as outdated wiring, structural deficiencies, or old insulation that no longer meets current code requirements. These hidden expenses can quickly add up and make budgeting unpredictable. In contrast, new construction provides a clean slate, avoiding these potential extra costs and allowing for a more predictable budget,” says Rotenberg.
When it comes to the new construction market, the average price for such homes active on MLS today is $2.5 million. Of new construction homes already sold, the average sale prices is $2.9 million. For those seeking to downsize, or who prefer the flexibility of a rental, today’s new rental developments offer studios at Avalon Princeton Circle starting at $2,855, with one-bedrooms beginning at $3,203. One-bedroom leases are available from $2,799 at The Alice.
WHAT IS TO BE BUILT NEXT?
More new construction will continue to be approved and take place. How and when is controlled by Princeton’s zoning ordinances, and possible updates to them provided by the visions in Princeton’s new Master Plan approved late last year. For example, Herring’s seminary project was enabled due to a 2018 designation of that property as an ‘area in need of redevelopment.’ Though it does anticipate some further changes to existing zoning and planning regulations, the municipal planning department confirms it is not true that Princeton will start allowing subdivisions of up to four home per lot. It does, however, recommend opportunities to convert single-family homes into multi-family. This will create more housing on the available lots.
“Zoning changes have not been made to allow for either of those things to date. I expect we will harmonize the zoning codes of the former Borough and Township, followed by analyzing and creating formal studies of things like Missing Middle Housing or a “diagnostic” of our zoning code prior to studying and implementing what changes could be made to our zoning code for the topics recommended in the master plan,” explains Princeton Planning Director Justin Lesko.
Which changes will come to fruition, only time will tell. Certainly, there are many Princetonians who feel the town is getting too crowded and the changes are not wise. But if you get a chance to talk to the newcomers, those downsizing or those that are supportive of smart growth trends, they are excited to be part of the Princeton community and feel things are happening just as they should be.
(This story has been corrected to change the location of 195 Witherspoon to 195 Nassau in paragraph 1)
Lisa Jacknow spent years working in national and local news in and around New York City before moving to Princeton. Working as both a TV producer and news reporter, Lisa came to this area to focus on the local news of Mercer County at WZBN-TV. In recent years, she got immersed in the Princeton community by serving leadership roles at local schools in addition to volunteering for other local non-profits. In her free time, Lisa loves to spend time with her family, play tennis, sing and play the piano. A graduate of the S. I. Newhouse School of Public Communications at Syracuse University, Lisa was raised just north of Boston, Massachusetts but has lived in the tri-state area since college. She is excited to be Editor and head writer for Princeton Perspectives!