Princeton HealthCare System has retained BlueGate Partners, a New York-based real estate advisory firm, to guide it on the sale of the 10-acre Witherspoon campus of the University Medical Center at Princeton. Princeton Healthcare is building a 171-acre hospital near Plainsboro and Scudders Mill roads that is expected to open in about a year. The hospital will no longer use its campus at 253 Witherspoon Street and hopes to sell the property as a mixed residential and commercial building.
The current hospital site is zoned for up to 280 residential units and approximately 79,000 square feet of retail and commercial uses. It is located across the street and several hundred feet north of the cluster of buildings recently purchased by architect J. Robert Hillier (see story above).
Mark DeLillo, managing partner of BlueGate, says the opportunity to convert the hospital and its ancillary buildings, including a three-story, 741-space parking garage, into living space is too good to pass up. Given the campus’ infrastructure, he says, development costs should be reduced significantly. No timetable for the sale has been specified.