Home News 1,000 Apartments Considered At Monmouth Mall, J.C. Penney Closing

1,000 Apartments Considered At Monmouth Mall, J.C. Penney Closing

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Eatontown, NJ — JC Penny in Monmouth Mall may be closed by the end of 2022. May be closed in October.

Monmouth Mall is owned by Kushner and is about to undertake a major overhaul of the mall. We plan to significantly reduce the footprint of the mall and add 1,000 apartments.

Kushner wants to build 1,000 one-bedroom and two-bedroom apartments in the mall, said Anthony Tarerico Jr., Mayor of Eatontown. that.

“This was the result of a series of discussions,” Tarerico said. “They (Kushner) came to us and didn’t say,’Do this.’ This was the result of collaboration.”

As a patch Previously reportedIn 2021, the town of Eatontown declared the mall “an area in need of redevelopment.” Eatontown is in the process of developing a redevelopment plan for the mall. This makes it very likely that housing will be possible.

Eatontown has not yet approved the apartment. The height of all buildings is limited to 4 stories, or 52 feet. Tarerico will hold his fifth and final town hall meeting on proposals at Borohall in Eatontown this Wednesday night. There will also be a public debate on this proposal at the Eatontown Council on 27 July. The representative of Kushner is there.

“We are currently trying to measure public opinion about this,” Tarerico said. “1,000 units may upset some people, but we need to create a product that produces something valuable so that we can collect taxes on this site.”

The town council of Eatontown has already stated that it is okay to build a house in the mall. In 2018, the town approved a request to build 700 apartments in Kushner’s mall, Great repulsion from residents A person who lived nearby. One of the concerns was that the buildings in these apartments over 80 feet were too tall.

So the proposal was submitted.

There were plans to build an outdoor pedestrian corridor and an outdoor plaza inside the mall, but the idea was also shelved by the developers.

“We haven’t stepped back from (the idea of ​​a residential apartment),” Michael Sommer, vice president of development and construction at Kushner, told Patch earlier this year. “In today’s retail environment, we need to understand the best and best uses of the mall. From the perspective of the overall vision (of Monmouth Mall), significant redevelopment of the rest of the retail and other businesses is expected. .. “

“As you know, there are many vacancies in the mall,” he said.

Kushner also plans to dismantle the mall’s multi-storey car park and replace it with a flat car park that can accommodate fewer cars. The number of parking spaces will be reduced by 638.

The decrease in the number of parking lots coincides with the decrease in the number of stores in the mall. Monmouth Mall currently has a large number of vacant stores, reducing the total area of ​​the mall by 25,000 square feet.

And finally, RWJ Barnabas plans to open two large medical facilities in the mall called the RWJ Barnabas Health Family Care & Wellness Center.

Next to Boscov’s, there is a pediatric clinic for children, women’s health and emergency medical care. Construction is almost complete.

Kushner was founded by Charles Kushner, the father of Jared Kushner, President-in-law’s son-in-law. The Kushners are the developers of Long Branch’s Pier Village. Charles Kushner and his wife still live in Longbranch.

according to This report of Real Deal, Monmouth Mall was co-owned by both Brookfield Property and Kushnerkos. However, the two developers neglected to pay the loan at the start of the pandemic when all businesses in the state were forced to close. A mall with an imminent risk of foreclosure. But then Kushner bought a $ 110 million loan for real estate at auction, saved the mall and became its only owner.

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