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Plans for CANVAS, a new mixed-use project at the site of the Princeton Pike Office Park at 3131 Princeton Pike in Lawrence Township, include 204 residential units and 17,000 square feet of community-centric retail space. — Rendering by Thriven Design/Courtesy: Reynolds Asset Management
By Joshua Burd
Reynolds Asset Management has secured local approvals to redevelop a large piece of a Mercer County office park, where it aims to build more than 200 apartments and retail space.
The firm has teamed with Capital Solutions and other partners for the project known as CANVAS, which would replace three of the six buildings at Princeton Pike Office Park in Lawrence Township. It’s now eyeing a fall 2024 groundbreaking after announcing that the township’s council and planning board have both adopted the redevelopment plan, following 18 months of talks surrounding a campus that had become largely vacant and obsolete.
The new mixed-use project at 3131 Princeton Pike calls for 204 residential units with one-, two- and three-bedroom options and 17,000 square feet of community-centric retail space.
“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,” said Louis Reynolds, founder and CEO of Reynolds Asset Management. “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.”
With completion slated for early 2026, CANVAS will include a clubhouse, coworking space, a fitness center, a private pool, an interior courtyard, a dog park and wash and EV charging stations, Reynolds said in a news release. The firm also plans to build a retail promenade that it expects to market to local restauranteurs, along with hair and nail salons, dry cleaning, pet grooming and exercise studios, among others.
“This redevelopment project meets the very essence and purpose of the NJ Local Redevelopment and Housing Law,” said Kevin Nerwinski, Lawrenceville township manager and director of community development. “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 non-existent. 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.”
Reynolds added that, since purchasing Princeton Pike Office Park, its team has upgraded three existing buildings and common areas with new flooring, ceilings and walkways as well as new bathrooms and LED lighting. It has also completed exterior enhancements such as repainting, repairing parking lots, installing new parking lot lights and signage and upgrading landscaping.
The firm, meantime, said it was working closely with existing tenants to upgrade their units in conjunction with new leases and lease renewals.
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