According to a recent hearing, the redevelopment of the Monmouth Mall would feature one- and two-bedroom apartments which would fetch approximately $3,000 a month. This will depend upon the approval of the borough for the project.
Right now the Monmouth Mall, seems to be lacking retail occupants so this is the natural use of its unique and strategic location.
The owners of the Monmouth Mall, which include Kushner Cos. and Brookfield Properties, are looking to modernize and transform this 1960s paradigm into a new destination that would include office space, well over 500 apartments, and retail space.
The bottom line is everybody is attempting to track the next great generation. But right now it seems that the board is going to hold up on making the decision till at least July 2nd.
According to most experts, the Monmouth Mall residents are all downsizing, looking to cut costs and increase traffic.
The apartment complex in the mall would potentially attract a whole new range of residents. Based upon reliable statistics, Eatontown population has declined since 2000. The developers of the new concept would be looking to leverage the property close proximity to the Garden State Parkway, Route 18, the beach, and towns such as Red Bank and Long Branch.