PRINCETON, NJ — Council on Monday introduced an ordinance to adopt a redevelopment plan for the Princeton Theological Seminary Properties.
The redevelopment plan calls for 238 residential units with 20 percent set aside as affordable housing units.
About 13 percent of the affordable dwelling units shall be affordable to very-low-income (VLI) households earning 30 percent or less of the median income; 50 percent of the affordable dwelling units will be affordable to low-income households earning 50 percent or less of the median income and the remaining units will be affordable to moderate-income households based on the most recent regional income limits.
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The plan also calls for up to two new detached single-family dwellings.
The minimum building coverage within the redevelopment plan area will be 50 percent and the project has to include two “generously proportioned” open spaces of at least 12,500 square feet to preserve viewshed from Route 206/Stockton Street and enhance this gateway to downtown.”
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Parking is to be provided within or under the buildings.
There are also provisions for bike parking and electric vehicle parking.
A public hearing on the ordinance will be held on June 22, contingent on whether the Planning Board has its hearing before that date.
To see redevelopment plan documents, click here.
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