Monmouth County continues to see change growth and new opportunities. Back in August 2015 was when the Kushner companies purchased a 50% stake in the Monmouth Mall for $38 million. In 2018 was when Lord & Taylor said it would be closing its store in the mall by the end of the year. The Kushner Company didn’t take full control of the Monmouth Mall until May 2021 when they bought out Brookfield Properties.
Throughout the whole process the negotiation for the future design of the mall was under discussion with residents and with the municipality. What is going to start in 2024 is that the Monmouth Mall will be renamed the Monmouth Square, which will begin construction on 1,000 luxury one and two-bedroom apartments, which includes a pool and a fitness center. The mall will also build into the design walking paths and biking trails in order to attract new residents to the new building structures.
The name on the square design will reflect a broader approach and use to produce lifestyle preferences within the community. Some of the key current tenants will still operate and in some cases have their space redesigned. One of the important tenants, Barnes & Noble, will occupy a new location within Monmouth Square, and there will also be a Whole Foods store within the space.
The Kushner Company is no stranger to new development as they are responsible for the very popular Pier Village in Long Branch.
What the mall will ultimately do is develop 1.5 million square feet of the retail Monmouth Mall with a smaller footprint, occupying only 600,000 square feet. The new residential complex will be called Monmouth Village. The units will be built in phases so as not to impact the supply/demand balance. The expected rents will range between $2,000 and $3,000 a month.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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