A rendering of The Heights at Monmouth, the new concept unveiled by Kushner Cos. to reposition the Monmouth Mall with Rouse Properties. — Courtesy: Kushner Cos.
By Joshua Burd
Drawing inspiration from mixed-use shopping destinations across the country, the Kushner Cos. has detailed its revamped plans to modernize and reposition the Monmouth Mall in Eatontown.
The firm on Monday officially announced its new plans and a new partnership with Rouse Properties, a national retail owner with a track record of turning around shopping centers. The joint venture is currently working on a site plan application and anticipates starting construction in 2018, in a sign of a progress for a project that had been slowed by community opposition.
In a news release, Kushner Cos. unveiled what it calls The Heights at Monmouth, a plan that includes space to house a mix of shopping, dining, entertainment, leisure and daily-use providers. The firm has also proposed the addition of residential space and the construction of common public areas meant to create a community environment.
Highlights include the creation of an indoor culinary marketplace, Culinary Heights, which will feature a range of food providers from upscale restaurants to tea boutiques, the news release said. Plans also call for high-end streetscape and landscape improvements and design elements that reflect the culture of Monmouth County, including regionally inspired architectural components, indigenous plants and locally sourced materials.
“This long-term investment in Eatontown will transform Monmouth Mall into a 24/7 attraction unlike any other in the state,” said Laurent Morali, president of Kushner Cos. “We’re thrilled to partner with industry leader Rouse to deliver a cutting-edge project that will serve Eatontown, Monmouth County and New Jersey for years to come.”
Kushner Cos. became the sole owner of the 1.5 million-square-foot mall, the single largest taxpayer in Eatontown, after purchasing Vornado Realty Trust’s 50 percent interest in summer 2015. The announcement of its new redevelopment plan comes a little more than a year after a contentious meeting in the borough, in which the council failed to pass a zoning change for a previous version of the plan and prompted a Kushner executive to walk out of the meeting.
The firm has since re-engaged borough officials and modified its plans. On Monday, Kushner Cos. said the new project design is inspired by popular open-air projects across the country such as Santana Row in San Jose, California; The Domain in Austin and the Kushner-owned Pier Village in Long Branch.
“We are excited to partner with Kushner to execute our shared vision for The Heights at Monmouth,” said Brian Harper, CEO of Rouse Properties. “Like us, Kushner has a proven track record of successfully identifying and unlocking the inherent value at its assets through strategic renovations and property updates.
“Throughout this project, we will leverage each other’s deep redevelopment and transformational expertise to deliver an innovative community-focused destination center that truly revolutionizes the way people live, eat, shop and unwind in Monmouth County and beyond. We look forward to becoming an integral part of the Eatontown community and working together with the City and its people moving forward.”
Kushner Cos. touted several successful repositioning efforts by Rouse, a company reportedly owned by affiliates of Brookfield Asset Management, which have boosted sales, occupancy and customer traffic. Those locations include Fig Garden Village in Fresno, California; The Shoppes at Gateway in Springfield, Oregon; and The Shoppes at Bel Air in Mobile, Alabama.
