An endeavor that will revitalize a large portion within a suburban office park has been given the green light as officials in Lawrence Township have adopted a plan that looks to create a “live, work, play” environment.
Lawrence Township’s Council and Planning Board have both approved a scheme called the 3131 Prince Pike Redevelopment Plan. Spearheaded by New Jersey-based real estate firm Reynolds Asset Management, the concept was crafted over the past 18 months to reimagine a largely vacant and functionally obsolete section of the Princeton Pike Office Park.
The resulting plan, dubbed Canvas, will feature 204 rental residences and 17,000 square feet of community-centric retail space. Located at 3131 Princeton Pike, the development is 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,” 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.”
When completed, Canvas will be home to 204 residential units ranging from one, two, and three-bedroom options spanning between 810 and 1,260 square feet. Future residents 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 EV charging stations.
A significant retail promenade is included in the development and while no specific tenants have been named, the developers promise local restauranteurs ranging from fast casual and takeaway to dine-in options.
Kevin Nerwinski, who serves as Lawrenceville Township Manager and director of community development, is a staunch advocate for the project. He dubbed Canvas a “win-win” endeavor that will expand the business community and serve the township’s residents well.
“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,” he said in a statement.
Reynolds has upgraded three existing Princeton Pike Office Park buildings that will remain under the plan, adding new flooring, ceilings, and walkways along with new bathrooms and LED lighting. The remaining three vacant office buildings will meet the wrecking ball in the coming months.
The groundbreaking for Canvas has been tentatively set for the fall 2024, with the project anticipated to wrap construction sometime in early 2026.