In addition to the 221-unit Avalon Bay complex, the redevelopment of the Thanet Road site will include an 80-unit, 100% affordable senior housing development, built and operated by PIRHL. The project will be funded through a combination of tax credit financing and a municipal contribution from a PILOT agreement with Avalon Bay.
Princeton Senior Living will serve households headed by individuals 55 and older with incomes at or below 60% of the Area Median Income (AMI). The community will feature one four-story building with 69 one-bedroom and 11 two-bedroom apartments. The units range in size from 800 to 979 square feet. Unit amenities include open floor plans, modern kitchens with Energy-Star appliances and balconies. Princeton Senior Living will meet the requirements of the U.S. Department of Energy Zero Energy Ready program.
The community will include an on-site management office, a community room, indoor and outdoor bike storage, fitness center, game and craft rooms, and a community garden. A social services room on the ground floor will accommodate health and wellness needs. An on-site coordinator will connect residents with a wide array of comprehensive services including health screenings, nutrition programs, benefits assistance, and financial literacy seminars.
The community is expected to be complete by Spring 2023. Applications will be made available in 2022 as the project is nearing completion.