Monmouth Mall to get 500M transformation

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Kushner Cos. has unveiled a $500 million redevelopment plan for Monmouth Mall, aiming to transform the Eatontown property into high-end destination with hotel and residential components.

The project would mark the single largest investment in the borough’s history, the New York-based real estate firm said, after it became sole owner of the mall last summer by acquiring Vornado Realty Trust’s 50 percent interest. The firm was slated to present its plans to local borough officials Wednesday night.

Those plans call for creating a state-of-the-art retail, dining and entertainment destination with a revamped tenant mix, a hotel, a residential component and an outdoor plaza, Kushner said in a news release. The firm also described biker- and pedestrian-friendly greenspaces and streetscapes.

“This landmark investment will transform Monmouth Mall into a 24/7 destination that truly offers something for everyone,” Jared Kushner, CEO of Kushner Cos., said in a prepared statement. “It’s no secret that traditional-style malls are struggling across the country, so we’re really focused on delivering a fresh, modern project that will meet the needs of area residents for years to come.” 

Kushner cited the struggles of suburban office parks are struggling across New Jersey and the prospect that traditional shopping malls could face similar woes. The news release noted that more than two dozen malls having closed nationwide since 2010 and roughly 60 others are on the brink, according to Green Street Advisors. 

Sitting on Route 35,  Monmouth Mall is the single largest source of tax revenue for Eatontown,

“Today is an exciting day for Eatontown,” Eatontown Mayor Dennis Connelly said. “This investment by Kushner Companies has the potential to ensure that our largest source of tax revenue remains strong long into the future. At the same time, it will reinvigorate a suburban shopping hub at a level unmatched across the state, giving our residents something they can really be proud of. It’s truly a win-win.”

Kushner said the “Monmouth Town Center” will be inspired by open-air projects across the country such as Santana Row in San Jose, California and The Domain in Austin, Texas. The project will also be modeled after Kushner’s Pier Village community in Long Branch, a development with 500 oceanfront residences and a mix of shopping and dining.

The residential component of Monmouth Town Center will comprise one- and two-bedroom units in order to minimize the impact on the local public school system and traffic, the news release said. The project will also meet the state-mandated affordable housing requirement.