The site next to “Jay’s Cycles” at 245-247 Nassau Street (map) could be the location of the next major redevelopment in Princeton. An application to construct 95 new apartments has advanced to staff review, and could come before the Planning Board later this year. Like most proposals for multifamily housing in Princeton, this redevelopment is part of the town’s plan to meet state affordable housing requirements. (See report from June 2025: “Town of Princeton Embraces ‘Smart Growth’ With Proposed Sites For New Affordable Housing“) 19 of the 95 new apartments would be designated ‘affordable’ units for households with restricted incomes.
The new apartments would replace an office building and 58-bay surface parking lot. Existing structures on the site would be demolished and replaced with a new building rising to four floors above street level. In addition to the 95 apartments, there would be a fitness center and a small courtyard accessible to residents. An 980-sq ft store at the front of the building would be open to the public, but it is not clear what kind of store this would be. A basement parking garage would provide 75 parking spaces for residents. The application packet includes a full stormwater analysis, and the building would have a planted ‘green roof’.
The site at 245-247 Nassau Street is highly walkable, located immediately adjacent to Princeton University campus and a short stroll to the downtown central business district. The traffic analysis for the proposed redevelopment points out that Census surveys reveal that 33.1% of people in this area walk to work. Construction of the new apartments would therefore potentially provide homes for people working in Princeton, and limit the number of car drivers commuting into the town.
Princeton Council amended zoning on Nassau Street earlier this year to allow construction of exactly this kind of development. No variances are requested as part of the site plan application.
Related links: (via princetonnj.gov):
walkableprinceton 