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The developer, Kushner — with headquarters in Florham Park and New York City — is planning to convert the 64-year-old mall on Route 35 in Eatontown into a large attraction called Monmouth Square.
Kushner's chief development officer Michael Sommer said the redevelopment will turn the mall inside out by tearing down indoor halls to create an open-air concept, with demolition set to begin in March.
The intent is to "de-mall" the existing space and reuse it as part of a new retail configuration, Sommer said.
Eatontown's planning board officially approved the redevelopment plan on Monday, Dec. 4, 2023. About 600,000 square feet of retail space is expected to be demolished from the existing mall, and would leave about 900,000 square feet of commercial space — including both new and existing structures.
The project includes construction of 1,000 luxury apartments in place of demolished buildings. A second medical building will join an existing office, giving Monmouth Square 115,000 square feet of healthcare space.
The centerpiece of Monmouth Square will be a public green space for several types of events, including live music, farmers markets, and car shows, Sommer said.
The hope is that the area will serve as an outdoor entertainment space for both the residents of the mall's apartments and greater Monmouth County, Sommer said.
Construction will begin in the second or third quarter of this year, or as soon as the demolition process allows, according to Sommer.
Kushner owns and manages approximately 21,000 apartments in 14 states. The developer is working on several other projects in New Jersey, including apartment complexes in Fair Lawn and East Hanover.
Meanwhile, less than three miles away, a nearly $1 billion Netflix production center is in the works at the former Fort Monmouth campus in Oceanport.
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