Princeton University has hired global real estate firm Cushman & Wakefield to market and sell a 271-acre site located within the Princeton Forrestal Center. The Princeton Nurseries site is the last large development parcel in the corporate office and research complex along Route 1.
“We are excited to be working with Princeton University to find a development partner for this once-in-a-generation opportunity,” said Brian Whitmer of Cushman & Wakefield in a release about the sale. “The 271-acre Princeton Nurseries site has been primed to integrate a mix of best-in-class residential, retail, office, and hospitality uses into an area that is highly regarded as one of the region’s major economic hubs.”
KyuJung Whang, vice president for facilities at Princeton University, said the school is looking forward to finding a first-class developer to help sustain Princeton Forrestal Center as one of the nation’s leading university-affiliated research centers. “The development of the Princeton Nurseries will strengthen our longstanding partnership with the Plainsboro and South Brunswick communities,” he said.
Situated on about 109 acres in Plainsboro Township and 162 acres in South Brunswick Township, the site has received general development plan approvals that allow for residential, retail, office, and hospitality uses.
“It has been a pleasure working with Princeton University to create a vision for the Nurseries site that will enhance the property and benefit the residents of Plainsboro,” said Peter Cantu, mayor of Plainsboro. “We are looking forward to seeing this project come to fruition.”
The development plan in Plainsboro was approved in September of 2020 and allows for 605,000 square feet of non-residential construction, including up to 310,000 square feet of retail, up to 220,000 square feet of office and research space, and a 125-room hotel, as well as up to 950 residential units with a mix of unit types, including townhomes, condominiums, rental apartments, and single-family homes.
The development plan in South Brunswick that was approved in July of 2004 allows for up to 1.8 million square feet of non-residential development, including a 300-room hotel, executive and corporate offices, laboratories, high-tech and science assembly facilities, and production and health maintenance facilities.