Ironwood at Princeton buildings have been rewrapped with Tyvek CommercialWrap shielding and doors and windows have been installed. However, construction has paused due to negotiations with the city over payment of fees tied to previous owners. Bob Wieland/The Princeton Herald
Construction on the former Princeton Luxury Apartments next to Walmart has paused while the new owner negotiates with the city over payment of fees tied to previous property owners.
“We’re currently working with the city on a path forward, with the goal of beginning full construction by July 1, starting with four residential buildings, a community office and a pool,” said Joseph Sebastien, Blóm Capital CEO and founder.
“Shortly after purchasing the property, we were informed of an unexpected $600,000 fee tied to prior owners,” Sebastien told The Princeton Herald.
He said the amount of the fees wasn’t known until after Blóm’s acquisition of the project at 599 W. Princeton Drive (U.S. Highway 380), now renamed Ironwood at Princeton.
“With over $5.5 million in liens from prior ownership now fully paid … we’re working with the city on a payment plan and remain committed to our “Princeton First” strategy — prioritizing local hiring and vendors throughout the project,” he said.
Sebastien said the buildings had been rewrapped with Tyvek CommercialWrap shielding and doors and windows have been installed, except for some returned to the manufacturer.
Assistant City Attorney Grant Lowry confirmed Monday, June 23, that the city and developer were “working through some issues” with the conditional building permit that expired May 26.
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By Bob Wieland | [email protected]
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