WinnCompanies Breaks Ground on $63M New Jersey Project
This community will include an affordable component.
WinnCompanies has broken ground on The Alice, a 125-unit luxury and partially affordable community in Princeton, N.J. The $63 million project is slated for completion in the summer of 2024. WSFS Bank provided construction financing, with Valley National Bancorp as co-lender.
Sordoni Construction serves as general constructor, with Conant Design Group handling interior design and PS&S in charge of architectural, landscape architecture and engineering services. Upon completion, WinnResidential will manage the community.
The Alice will comprise 100 market-rate apartments and 25 affordable units, which will be set aside for residents earning between 30 and 80 percent of the area median income. The partially affordable development was designed to reach Passive House standards and Zero Energy Ready Homes certification. The property will feature PV solar panels on the roof, a green roof and an enhanced stormwater mitigation system.
The 115,000-square foot community will encompass one-, two- and three-bedroom apartments. Designed with the work-from-home lifestyle in mind, the property will comprise a fitness center, a club room, a wellness space, work-from-home nooks, a playground and children’s playroom, a pet spa, an art gallery and a roof deck with grilling stations. Apartment amenities are set to include stainless steel appliances, washers and dryers, private balconies or patios, as well as sound-proof walls and flooring. The Alice will also feature on-site electrical vehicle charging spaces, 163 parking spaces, car-washing spaces, bicycle routes and walkable paths.
Troutman Pepper handled legal counsel for land use and local approvals, while Berman Indictor served as transaction counsel. The project’s planner is Phillips Preiss Grygiel Leheny Hughes.
Public park project in Princeton, N.J.
The building will rise at the intersection of North Harrison Street and Terhune Road. The Alice will offer a direct walking path to Princeton Shopping Center and a shuttle service stop with circulation to transit stops and downtown retail.
The site is adjacent to another project, a 1.5-acre public neighborhood park. The development is based on a public betterment agreement between the Municipality of Princeton and WinnCompanies. The public park project will feature walking and cycling paths, a pergola, sitting areas, ornate landscaping, gardens, dog parks and a playground. The public amenities will be supported by the municipality through a Redevelopment Area Bond. Construction is expected to begin this summer.
WinnCompanies recently broke ground on a 139-unit, fully affordable community in Bessemer City, N.C. The $35 million project consists in the preservation and revitalization of Osage Mill, a historic structure built in 1896.