Kushner mic drop: Developer scraps $500M NJ mall plans

Firm faced some local opposition to proposed zoning changes

TRD New York /
Apr.April 28, 2016 05:45 PM

Jared Kushner has left the building — specifically, a mall in New Jersey where he was planning a $500 million overhaul.

Representatives for Kushner Cos. stunned local officials and residents Wednesday night when they announced that they would no longer pursue plans to redevelop the Monmouth Mall in Eatontown, N.J., NJ Advance Media reported. The abrupt departure seemed precipitated, in part, by the municipal government’s opposition to a zoning change that would have allowed 800 apartments on the mall property.

“We thought we were making great headway as far as working with the municipality in improving the mall,” Jenny Bernell, director of development at Kushner Companies, told a crowd at a Eatontown council meeting on Wednesday. “Given the response tonight, we realize that those changes are not welcome and we are planning to leave the mall as is.”

Following the announcement, Bernell and other Kushner representatives left the meeting, to some applause. The developer planned to transform the mall into a mix of open air and indoor retail, along with apartments. The proposed zoning change would have cleared the way for up to 800 apartments and a hotel. [NJ Advance Media] — Kathryn Brenzel


Related Articles

arrow_forward_ios

Kushner goes to Broward, buying site near Fort Lauderdale train station

Special counsel Robert Mueller and the proposed Trump Tower Moscow (Credit: Getty Images/Trump Tower Moscow via BuzzFeed)

What the real estate industry should watch for in the Robert Mueller hearings

21 East 12th Street with Charles Kushner and Seryl Kushner (Credit: Getty Images)

Kushner trust buys at Billy Macklowe’s Greenwich Village condo

Kushner-backed Cadre raised $90M through anonymous offshore vehicle since 2017

Mack-Cali to consider potential sale, Kushner Companies trumps Jersey City in legal fight & more North Jersey real estate news

Charles Kushner and 107 Rivington (Credit: Getty Images and Google Maps)

Kushner’s $65M Lower East Side hotel deal hits snag

New Jersey Cheat Sheet: Montclair megamansion proposal withdrawn, Morristown luxury community hits the market… & more

Mueller Report provides new info on Trump Tower Moscow, Felix Sater and more

arrow_forward_ios