Princeton Approves 85-Unit Affordable Housing Development

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Princeton, NJ has approved a new 85-unit multifamily development by Toll Brothers at 29 Thanet Circle, which will include 17 affordable for-sale units as part of the town's Fourth Round affordable housing plan. The project will demolish an existing office building and construct 10 stacked townhouse buildings with a mix of market-rate and affordable units, as well as a playground and parking.

Why it matters

This project is significant as it represents one of the first elements of Princeton's Fourth Round affordable housing plan to move forward. The inclusion of for-sale affordable units, rather than just rentals, is also noteworthy as it provides more opportunities for first-time homebuyers. The development will help the town meet its affordable housing obligations while also adding much-needed housing stock in an area near the Princeton Shopping Center.

The details

The proposed 85-unit Toll Brothers development at 29 Thanet Circle will demolish an existing two-story office building and construct 10 stacked townhouse buildings. Of the 85 total units, 17 will be designated as affordable for-sale units, with the remaining 68 being market-rate. The project will also include a large playground, drive aisles, surface parking lots, and underground garages with a total of 186 parking spaces. Stormwater management will be handled through a bio-retention basin and pervious pavement retention basins.

• The Princeton Planning Board will hear the application for preliminary and final major site plan approval on Thursday, April 9, 2026.
• The municipality adopted an ordinance establishing Affordable Housing District 14 (AH-14) on September 8, 2025, which the proposed project is consistent with.

What’s next

The Princeton Planning Board will decide on the application for preliminary and final major site plan approval at its meeting on April 9, 2026.