Monmouth Mall Makeover with Outdoor Plaza

monmouth-town-center-2jpg-c7742b5247a7c7d8The owner of the Monmouth Mall announced Wednesday a $500 million investment that will turn the shopping mall into a sprawling mix of retail and residential spaces.

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.

The new property will be named the Monmouth Town Center. (Photo courtesy of Kushner Companies)

“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 said.

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.

Alex Napoliello may be reached at anapoliello@njadvancemedia.com. Follow him on Twitter @alexnapoNJ. Find NJ.com on Facebook.

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