In a collaborative effort to revitalize Princeton Pike Office Park in Lawrence Township, the town council and planning board recently adopted the 3131 Princeton Pike Redevelopment Plan spearheaded by Reynolds Asset Management.
Over the past 18 months, Reynolds has worked closely with the council, planning board and local businesses and residents to craft a redevelopment plan for the property that will meet the town’s and residents’ needs and satisfy all of the stakeholders involved.
The agreed-upon concept reimagines a space that had become largely vacant and functionally obsolete and crafts a plan to meet the community’s ever-changing needs for years to come.
Known as CANVAS, the project will be a mixed-use “live, work, play” property that will feature 204 rental residences and 17,000 square feet of community-centric retail space. Located at 3131 Princeton Pike, Lawrence, CANVAS is being made possible as a joint venture with investment firm Capital Solutions, Reynolds and others.
“Our team was drawn to this site due to the great sense of community Lawrence Township provides, as well as its incredible geographic location, just south of Princeton and equidistant from New York City and Philadelphia,” Louis Reynolds, founder and CEO of Reynolds Asset Management, said. “As a community largely made up of single-family homes with limited options for young professionals or older residents looking to downsize, CANVAS will provide an option for these people and others who are drawn to the area in the same way we were. The development will also give residents and neighbors an exciting new retail promenade with new dining, entertainment and local business options. We are proud to become members of the Lawrence Township community with this project.”
The groundbreaking for CANVAS is set for fall 2024, with anticipated completion in early 2026. Amenities for residents and visitors alike include proximity to a retail promenade, featuring local restaurateurs who will provide exceptional food and dining experiences, ranging from fast casual and takeaway to dine-in options. Other community-centric options expected at CANVAS include hair and nail salons, dry cleaning, pet grooming and exercise studios, among others.
CANVAS will be home to 204 residential units, including one-, two-, and three-bedroom options ranging between 810 and 1,260 square feet. Residents who will call CANVAS home can look forward to an exclusive luxury clubhouse, coworking space, fitness center, secure mail and package room, private pool, an interior courtyard, dog park and wash, and electric vehicle charging stations.
“This redevelopment project meets the very essence and purpose of the New Jersey Local Redevelopment and Housing Law,” Kevin Nerwinski, Lawrence Township manager and director of community development, a staunch advocate for the project, said. “The project will eliminate old, underperforming and unoccupied office buildings and replace them with new and beautiful residential rental opportunities meeting critical housing needs for those seeking to stay or become a new member of the community. The commercial use portion of the project will bring a retail element to an area of our community that is presently nonexistent. It expands our business community and enhances the options for those who live and work here. It is a win-win for Lawrence Township in the most classic sense.”
Since purchasing the property, the Reynolds team upgraded three existing Princeton Pike Office Park buildings and common areas at the location, including new flooring, ceilings and walkways as well as new bathrooms and LED lighting. The exterior is complete with fresh paint, repaired parking lots, LED parking lot lights, new exterior signage and upgraded landscaping. Currently, Reynolds is continuously working closely with existing tenants to upgrade their units in conjunction with new leases and lease renewals. The remaining three office buildings will be removed and replaced with new construction.