Plans for Monmouth Square, Kushner Cos. redevelopment of the Monmouth Mall property in Eatontown, call for the addition of new apartment buildings and landscaped, walkable public space that figures to host farmer’s markets, live entertainment and other programming meant to draw retail customers and residents from both the borough and neighboring towns. — Rendering courtesy: Kushner
There’s little doubt that New Jersey is the gift that keeps on giving when it comes to commercial real estate and redevelopment stories. We see it in every asset class, and we’re fortunate to have a steady stream of interesting trends to help feed our daily and monthly publications.
The retail sector is no exception. As you’ll read in this month’s cover story, redevelopment is coming to some of New Jersey’s largest malls — from the mecca of Paramus to Burlington County — as owners and local officials mull the future of their cherished shopping centers. Increasingly, those plans call for bringing new apartments, health care facilities and vibrant public spaces meant to create new foot traffic. Many of these projects are now moving forward in the Garden State, with more to follow, despite pockets of opposition and the challenge of repurposing a sprawling property with longstanding anchor tenants.
Our June issue also features an interview with Mike McGuinness, the highly regarded CEO of NAIOP New Jersey, who reflected on his career as he prepares to step down from the commercial real estate association. We also spoke to industry leaders who were quick to celebrate his 26-year tenure, one that’s been marked by service, stability and the chapter’s impressive membership growth. That’s not to mention his record of persistent yet professional advocacy that has resonated with public officials throughout the state.
“Everyone trusts Mike, from our members to the legislators and rule makers and even to those who advocate for positions contrary to ours,” said Michael Seeve, a past president of NAIOP New Jersey. “Mike presents accurate information without gilding it, he listens patiently without being argumentative and he makes the case for our industry’s interests with thoughtfulness and gentle persuasion, which is, of course, the only way to actually change people’s minds.”
Elsewhere in this edition, we detail the ambitious proposal that has taken center stage in Westfield, where Hudson’s Bay Co. aims to repurpose its shuttered Lord & Taylor store and several adjacent blocks near the town’s train station. Local leaders say the project would revitalize the business district and serve as a model for other mature suburbs — calling for new office and retail space, public amenities and more than 200 townhomes and apartments. They’re also pushing to break ground early next year on what would be known as One Westfield Place, despite opposition by some residents.
You can find those stories and more in the June issue of Real Estate NJ, as we look ahead to the final weeks of spring. This past month has brought a noticeable uptick in news about deals and other signs of movement in the industry, at least from where I sit, so I can only hope to see that continue into the second half of the year, as we wade through what is still an uncertain time in the market.
Until then, thanks for reading and enjoy the issue!
Joshua Burd
Editor
