The University signed an agreement in late December to sell property at the Princeton Forrestal Center in Plainsboro to a Houston developer, Patrinely Group L.C.C., a move that will allow the University to shed 80 acres of land along Route 1.
The sale will proceed in stages, with separate parcels changing hands over the next few months. The first transaction involved 16 acres of University land being sold for approximately $4.5 million, according to University Vice President for Finance and Administration Richard Spies GS '72. Eventually, about 80 acres will be sold, making the University approximately $30 million richer, Spies said.
Although the University often acquires land in the area and does not usually sell, Spies said this land was always slated for investment. "This land is treated as an investment property," he said. "It's an area that doesn't have the same qualities that the main campus does."
The Princeton Forrestal Center is a separate parcel of land from the Forrestal Campus, where the Princeton Plasma Physics Laboratory is located. The land involved in the sale straddles Route 1, sitting adjacent to the state police barracks on the west side. – DANIEL STEPHENS