PRINCETON, N.J. — WinnCompanies has started construction on The Alice, a $63 million, mixed-income project in Princeton. The Boston-based developer is also preparing to start work on a 1.5 acre public park with a playground, seating and a dog park adjacent to the 125-unit apartment property.
The Alice is expected to be complete and ready for occupancy by the summer of 2024. Of the 125 apartments, 100 will be leased at market rates and 25 will be available in rent restrictions ranging from 30 to 80 percent of area median income (AMI). The community will consist of 62 one-bedroom apartments, 57 two-bedroom units and six three-bedroom units.
WSFS Bank served as the construction and permanent lender with Valley National Bancorp of Wayne, New Jersey, acting as co-lender. The Municipality of Princeton is supporting the public amenities portion of the project through a redevelopment area bond.
The project is 155,000 square feet and designed with a work-from-home lifestyle in mind for its future tenants, including dens in 40 percent of the units. Amenities include a roof deck and dog spa.