Kushner Companies Plan $415M Makeover of New Jersey’s Monmouth Mall
Big changes are coming to Eatontown as Kushner Companies locked down $415 million to turn Monmouth Mall into a lively mix of homes, shops, and medical spaces. The location will feature 990,000 square feet of shopping and dining, along with 1,000 homes. Money powerhouses Fortress Investment Group and Rithm Capital Corp. are backing the huge project at the old mall.
“We are thrilled to have obtained the necessary financing to move forward with the redevelopment of Monmouth Mall. This important project represents a new era for this property and the region, where a thriving, multifaceted community hub will rise from an outdated, underused concept,” said Laurant Morali, CEO of Kushner, to app.com.
The mall’s shopping space will shrink by 40%. Crews will tear down the old Lord & Taylor and JCPenney buildings. While Barnes & Noble moves to Monmouth Square, Whole Foods Market will take its old spot. “Several businesses will remain open throughout the mall’s redesign. They include interior businesses AMC, Barnes & Noble, Boscov’s, Buffalo Wild Wings, LensCrafters, Macy’s, and T-Mobile,” said Michael Sommer, Kushner’s chief development officer. Shoppers can get there from Route 35 or Garden State Parkway’s Exit 105.
As the biggest taxpayer in Eatontown, the mall’s future seems promising. New stores have already grabbed 82% of the available space before the building even starts.
People will enjoy new green spaces and walking paths throughout the property. Adding medical offices will bring new life to this updated destination.
