Monmouth Mall Plans To Tear Down Parking Garage

EATONTOWN, NJ — There are big changes on the horizon for Monmouth Mall:

First, Kushner Cos., the real estate developer and owner of Monmouth Mall, would like to tear down the existing three-story parking garage on site.

In its place, Kushner plans to build a flat parking lot, in the same location where the parking garage is. However, the parking lot will accommodate much fewer cars: The number of parking spaces overall will be reduced by 638 spaces.

"It's an old parking deck that has deteriorated over time and has been deemed unsafe for pedestrian and vehicular use," said Michael Sommer, vice president for development and construction at Kushner Cos.

This month, Kushner Cos. asked the town of Eatontown to approve its request to tear down the garage; Eatontown will issue a decision in March.

The number of currently vacant stores at Monmouth Mall reduces the mall's square footage by 25,000 square feet, so the mall will be in compliance with the significantly reduced number of parking spaces, he said.

"As you are aware, there are many vacancies at the mall," Sommer told Patch Thursday.

Kushner Cos. was started by Charles Kushner and the Kushners are the developers of Pier Village in Long Branch. Charles Kushner and his wife still live in Long Branch to this day.

Secondly, last year the town of Eatontown declared the mall "an area in need of redevelopment." This means that the borough will create a redevelopment plan, which will very likely change what is built at the mall. Depending on what that redevelopment plan says, it may also change the zoning at the mall, perhaps adding residential zoning.

Eatontown already expressed that it would be OK with residential housing at the mall: In 2018, the town approved Kushner Cos. to build 700 apartments at the mall; there was significant push-back from residents who lived nearby. But that proposal is currently on the back burner.

"We haven't backed away from (that idea)," cautioned Sommer Thursday. "However, in the current environment of retail, we need to figure out what the highest and best uses for the mall are. In terms of our overall vision (for Monmouth Mall), we foresee a significant redevelopment for the remaining retail and other businesses on site, to be successful not only today but long term in the future."

There was also a plan to build outdoor pedestrian corridors and outdoor plazas at the mall, but that idea too was shelved by the developer.

Last spring, Kushner Cos. took full ownership of Monmouth Mall, buying out its partner Brookfield Properties, reported the Asbury Park Press.

According to this report in The Real Deal, both Brookfield and Kushner defaulted on a loan payment at the start of the pandemic, when all businesses in the state were forced to shut down, which put the entire mall at immediate risk of foreclosure. But then Kushner purchased a $110 million loan for the property at auction, saving the mall and becoming its sole owner.

While Kushner Cos. has made it clear it wants to remain the mall's owner, what does the future hold for the Monmouth Mall? It remains to be seen. The fate of Monmouth Mall really hinges on what Eatontown drafts in that redevelopment plan, which the town has not written yet.

Construction is also currently underway on an RWJBarnabas Health outpost at the mall. This is planned to be a two-building medical complex next to the Boscov's. It will be provide pediatric care, women's health, urgent care and family wellness.

The first building is slated to open in the coming months, said Sommer.

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