$500 million plan for mall

Eatontown — On Wednesday, Kushner Companies, owner of the Monmouth Mall, announced plans for a $500 million redevelopment of the property – the largest single private investment in Eatontown’s history. Kushner aims to transform the mall into Monmouth Town Center, a state-of-the-art retail, dining and entertainment destination with a revamped tenant mix, a hotel, a residential component and an outdoor plaza, along with biker- and pedestrian-friendly greenspaces and streetscape.

Artwork from RTKL Associates Inc./Kushner Companies Kushner Company would like to transform Monmouth Mall into the Monmouth Town Centers, with outdoor plazas, residential space, a hotel and bike and pedestrian paths to go with the dining and retail establishments

Kushner presented conceptual plans at a borough council workshop meeting at Eatontown Borough Hall Wednesday evening, after The Link had gone to press. Details of residents’ and officials’ reactions to the plan will appear in a future issue.

Borough officials had been encouraging residents to attend the workshop, saying that the plans would have a major effect on one of Eatontown’s best known properties.

The proposal seems to require changes to the zoning for the area.

“This landmark investment will transform Monmouth Mall into a 24/7 destination that truly offers something for everyone,” said Jared Kushner, CEO of Kushner Companies, in a press release. “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.”

In that release, 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.”

The announcement comes as suburban office parks are struggling across New Jersey, and many local retail industry watchers are wary that traditional-style shopping malls could be next. Enclosed malls are shuttering across the country, with more than two dozen having closed since 2010 and roughly 60 others on the brink, according to Green Street Advisors, a retail-consulting firm.

Set against this backdrop, Kushner Companies says this investment could ensure the mall, the single largest source of tax revenue for Eatontown, remains strong and provides important relief for taxpaying Eatontown homeowners.

They also say the project will create scores of new jobs in the area.

Kushner Company’s press release says “Monmouth Town Center will represent the first reimagining of a suburban mall in the live/work/play mold in New Jersey, and be inspired by popular open-air projects across the country like Santana Row in San Jose, California and The Domain in Austin, Texas. The project will also be modeled after another Kushner-owned project in Monmouth County, the successful Pier Village in Long Branch, a cutting-edge project home to 500 oceanfront residences and an eclectic mix of shopping and dining options.”

The residential component of Monmouth Town Center will comprise one- and two-bedroom units – specifically intended to minimize impact on the local public school system and traffic. The project will also meet the state’s affordable housing requirement.

Kushner is the sole owner of the mall after purchasing Vornado Realty Trust’s 50 percent interest last summer.

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