Princeton Theological Seminary is beneath contract to promote the Tennent Roberts Campus on Stockton Street in Princeton to personal actual property improvement firm Herring Properties.
The choice comes after the seminary spent greater than a yr trying on the feasibility of growing new scholar residences on the web site. The municipality declared the Tennent Roberts campus an space in want of redevelopment in 2018 in preparation for the coed housing undertaking. A number of public boards have been held concerning the potential design of the brand new improvement and the reconfiguration of surrounding streets in 2019. Potential plans for scholar residences have been withdrawn within the fall of 2019. Space residents had expressed issues concerning the density of the proposed undertaking.
“When the seminary decided to no longer seek construction of new student apartments on its Tennent Roberts campus, we then reassessed our campus master plan and made adjustments in keeping with the priorities and vision for our community,” Princeton Seminary Government President Shane Berg stated in a written assertion concerning the sale. “The seminary will continue to house students on its main campus in Princeton and at the Charlotte Rachel Wilson apartments in West Windsor for the foreseeable future, as well as lease and sell excess real estate.”
In 2017, the seminary’s board of trustees voted to endorse a proposal to review making a complete campus grasp plan that might consolidate the seminary on one campus in Princeton. The proposal included renovating dorms, constructing residences for married and single college students on the primary campus, renovating or changing the coed campus heart, and monetizing land the seminary owns behind MarketFair in West Windsor to finance different campus enhancements and scale back the college’s draw on its endowment. The plan additionally known as for a discount of the dimensions of the coed physique by 30 to 40 % over a interval of eight to 10 years.
Stuart Corridor and Brown Corridor on the seminary’s important campus on Mercer Street have been restored over the previous few years.
“The seminary’s focus is on continued efforts to restore and renew other buildings on our main campus to enhance our life together and foster spaces where a sense of community can flourish,” Berg stated in his assertion.
Berg confirmed Friday that the Tennent Roberts complicated is beneath contract with Herring Properties, and stated a possible undertaking is within the “very early planning stages.” Herring Properties is owned by Princeton resident James Herring. The corporate, which was based in 2000, builds, leases, and manages workplace area and warehouse area in New Jersey and Pennsylvania. The corporate additionally manages residential properties in Princeton and Hopewell. Sources say the Tennent Roberts property shall be transformed to luxurious residences or condominiums. These particulars haven’t been confirmed but. Planet Princeton has reached out to the developer. We are going to replace the story if we obtain new info.