LAWRENCEVILLE, NJ – The Township Planning Board recently recommended 3131 Princeton Pike be designated as a Non-Condemnation Area In Need of Redevelopment.
The site is located in the central portion of the Township, south of Interstate 295 and to the west of Route 1. Executive Park Plaza Road bisects the study area while serving as a connection to Franklin Corner Road and Princeton Pike. More: Will Lawrence Declare This Site As Area In Need Of Redevelopment?
Beth McManus of Kyle McManus associates made a presentation during the planning board meeting last month. She said the property met one of the eight criteria needed to be declared a Non-Condemnation Area In Need of Redevelopment. Specifically, Criteria B which refers to discontinued use of a building, abandonment of building and significant vacancies.
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In her presentation, McManus said that the property has been seeing significant vacancies over the past six years. The overall vacancy rate increased from 18 percent in 2018 to 42 percent in 2021. As a result, the assessed value of the property dropped from $24.8 million to $12 million in 2023.
McManus said the data was provided by the Municipal Assessor’s office.
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Although some efforts were made to improve some of the buildings on the 27-acre parcel, the downward trend continued.
Planning Board member Alan DiSciullo said townships across the country are seeing a “transformative event” where Class B or Class C properties are experiencing large vacancies, partly because of the pandemic and partly because the building is in need of an upgrade.
“This is an example locally of what’s happening nationwide. I’m very much in favor of this, not only from a tax standpoint but the ugliness of vacant buildings is detrimental and it’s a lack of use of very good real estate property,” DiSciullo said.
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Mayor John Ryan was one of the only votes against approving the recommendation. He said he was concerned about other properties petitioning for rezoning and repurposing and the stress it would put on the school district. There has been a proposal to build housing on a portion of 3131 Princeton Pike.
McManus said that if the site was declared an area in need of redevelopment it will have no bearing or relevance on any other property. “The township is under no obligation whatsoever to consider any other property (as an area in need of redevelopment). It’s on a case-to-case basis,” McManus said.
During the public portion section, some residents opposed the recommendation.
Municipal Manager Kevin Nerwinski reminded attendees that from 2009 to 2013, the township went through a “financial disaster.”
“We cannot let areas like this decay and go away. Because not only does that owner feel the financial consequence, but the property owners around it, their values will depreciate,” Nerwinski said.
“Some of us are looking at it negatively. It’s really a good opportunity for us to reimagine sections of our town so we keep current.”
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