Seniors living to be blended within mixed use community
NEW YORK: Seniors living is set to be integrated within a radical mixed use community development.
AvalonBay Communities has partnered with Atria Senior Living and Welltower to complete a $300 million mixed-use community in New Jersey’s West Windsor Township. The community is taking shape near the Princeton Junction Amtrak train station and will comprise mixed-income, age-restricted, and market-rate housing in addition to retail, a public promenade, and a mix of enclosed and surface-level parking.
The 25-acre community will partially replace and redevelop an existing office complex. Original plans included construction of a new hotel, which was deemed unviable given the presently volatile state of the real estate market.
“This development will make an area that is currently underutilized and run-down vibrant once again,” said West Windsor mayor Hemant Marathe. “The mix of housing types and retail makes this project unique. I am excited to see it become reality.”
The residential component will include 535 rental apartments, 48 condominiums, 150 for-sale townhomes, and 135 apartments reserved for seniors. The senior housing represents a joint venture between Atria Senior Living and Welltower. Atria will manage this housing component when fully constructed.
“We’re tremendously excited to lead, with our co-developers, the next stage in the transformation of Princeton Junction’s transit village,” said Ron Ladell, AvalonBay senior vice president. “By selecting Welltower and Atria to jointly develop the senior living community, we are partnering with the best-in-class senior housing developers and owners.”
