After an 18-month process, Lawrence Township’s planning board and town council have approved plans from Paramus-based Reynolds Asset Management to transform the Princeton Pike Office Park into CANVAS, “a mixed-use ‘live, work, play’ property that will feature 204 rental residences and 17,000 square feet of community-centric retail space,” according to a December press release.
Reynolds Asset Management purchased the six-building property at 3131 Princeton Pike in May, 2022, in a joint venture with Capital Solutions Inc., a Pennsylvania investment firm. Groundbreaking for the redesigned complex is set for fall 2024, with completion by early 2026.
“The agreed-upon concept reimagines a space that had become largely vacant and functionally obsolete and crafts a plan to meet the community’s ever-changing needs for years to come,” the press release continues, with the redesigned complex featuring “community-centric dining, shopping, and experiences.”
“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,” says Louis Reynolds, the founder and CEO of Reynolds Asset Management, in a quote. “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.”
The more than 200 residential units are available in “one-, two-, and three-bedroom options ranging between 810 and 1,260 square feet.” Amenities include “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.”
For more information or to join the VIP waiting list for tenants, see the CANVAS website at canvaslawrence.com.
“This redevelopment project meets the very essence and purpose of the NJ Local Redevelopment and Housing Law,” Kevin Nerwinski, the Lawrenceville Township manager and director of community development, says. “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.”
Since Reynolds Asset Management took over the property, it has “upgraded three existing Princeton Pike Office Park buildings and common areas at the location including new flooring, ceilings, and walkways as well as new bathrooms and LED lighting. The exterior is complete with fresh paint, repaired parking lots, LED parking lot lights, new exterior signage, and upgraded landscaping. Currently, Reynolds is continuously working closely with existing tenants to upgrade their units in conjunction with new leases and lease renewals. The remaining three office buildings will be removed and replaced with new construction.”
More: canvaslawrence.com or reynoldsasset.com.
