TD Bank May be Headed to East Nassau Street

Lou Carnevale hopes to bring a TD Bank to east Nassau Street.

Carnevale revealed his plans to Princeton Borough Council on Tuesday during discussion of a draft ordinance that would change zoning for eight Nassau Street properties, including Carnevale’s 255 Nassau St., which formerly housed Davidsons and Wild Oats.

“I want to put a bank office there,” Carnevale said, adding that he hopes to have a variety of businesses occupy the building, but he cannot get financing with only mom-and-pop tenants.

“I need an anchor,” Carnevale said. “I need a AAA tenant.”

Property owners, including Carnevale, in the Service Business zone between Olden Street and Murray Place want officials will rezone properties to allow the same types of businesses allowed in the Neighborhood Business zone, which covers the other side of Nassau Street.

Discussions about the zoning changes have been ongoing for months, with the issue of allowing banks as a major sticking point. Officials have pointed out the dozen banks already located on Nassau Street. They say they want to increase the vitality of the former “Gasoline Alley,” particularly with small, independent businesses and restaurants. And they expressed concern about ending up only banks in the area.

Last fall Princeton Future member Jim Constantine told Borough Council that a 2010 survey of about 600 registered voters in the neighborhood yielded 224 responses from residents said they would prefer development to include a Reading terminal-style market, supermarket or restaurant but do not want a fast food restaurant, bank or laundromat.

In public meetings, however, several residents and property owners, however have said they would be receptive to banks at a reduced size of up to 5,000 square feet.

Some still oppose banks.

TD Bank would hopefully open 4,500 square-foot retail branch on the first floor of 255 Nassau, Carnevale said. The bank can not sign a lease until banks are allowed in the zone, he said.

“The bank is looking to be extremely community active, they have a mural of historic Princeton they want to put up,” he said. “In terms of community activities and participation, they are a community bank.”

Linda Fahmie, development manager representing the Carnevale property, said there are already are a dozen restaurants within mere blocks on east Nassau Street.

“We want vitality, we get that, but we also need to consider economics,” Fahmie said. “How much more can the market bear?”

She previously said the plan for the Carnevale building includes three retail tenants on the first floor, including a bank. The building’s second floor would be offices. Each floor in the building has 10,500 square feet.

Princeton Planning Director Lee Solow said he will the draft ordinance to include a separation between banks in the zone, limit a bank’s allowable street frontage, allow artists studios and small artisan manufacturing, prohibit outdoor dining and possibly allow boutique hotels.

Council plans to introduce the ordinance on July 24.