PRINCETON, N.J. – When hospitals and health systems build shiny new replacement facilities, there’s always a question of what to do with the old, left-behind buildings. Princeton HealthCare System, the parent of University Medical Center of Princeton, is currently going through this process – for a second time. As work continues on its future $442 million replacement hospital and campus a couple of miles outside of town, in Plainsboro, the health system is going through a second round of requests for proposals (RFP) for the site of the current medical center in Princeton. The first time the system went through the process, it chose a Philadelphia development firm to redevelop the 5.6-acre property. That company, Lubert-Adler, agreed to acquire the property for $55 million and had plans to build 280 units of multi-family residential housing and retail space. However, Lubert-Adler recently backed out of the purchase agreement, leaving
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.