Princeton, N.J. — American Campus will develop, own and manage the 325 units through a 70-year ground lease.
Princeton, N.J. — American Campus Communities has started construction on the first phase of a faculty and staff housing project for Princeton University. The development was financed with ACC's equity via the American Campus Equity (ACE) program, under which the company will develop, own and manage the project through a 70-year ground lease structure.
The Merwick-Stanworth site, which will consist of 325 units with 593 beds, is situated on two contiguous university-owned sites approximately half a mile north of the main Princeton campus and pedestrian to Palmer Square, a retail, dining and entertainment district. The new community, currently tracking LEED Silver certification, is intended to serve and house primarily faculty and staff members in a mix of one-, two-, and three- bedroom apartment and townhome units. The project will open in a phased delivery with 127 units available for summer 2014 occupancy, followed by 198 units with occupancy expected to begin in the latter half of 2015. Total project completion is scheduled for summer 2016.