Jared Kushner, whose company, Kushner Companies, bought out its partner in the Monmouth Mall for $38 million, plans to model the new Monmouth Town Center after another popular — and also Kushner-owned — Jersey Shore destination, Pier Village in Long Branch.
“This landmark investment will transform Monmouth Mall into a 24/7 destination that truly offers something for everyone,” Kushner said in a news release.
Kushner envisions an open-air hub that will have retail shops, dining and entertainment, along with a hotel and one – and two-bedroom apartment units. It will also have an outdoor plaza, green spaces and a streetscape.
The project, Kushner said, will meet the state-mandated affordable housing requirement.
More than two dozen enclosed malls have closed across the country since 2010, Kushner said, citing data from Green Street Advisors, a retail-consulting firm. According to that firm, around 60 other malls are on the brink of shuttering.
The new plans will be discussed at an Eatontown Borough Council meeting Wednesday evening.
The mayor of Eatontown, Dennis Connelly, touted the project as “something they can really be proud of.”
“Today is an exciting day for Eatontown,” 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. … It’s truly a win-win.”
Kushner said the new mall will create more jobs for residents in the area, and remain an important relief for taxpayers.
Kushner became the sole owner of the Monmouth Mall in August after buying out Vornado Realty Trust’s 50-percent interest.