A bill signed into law by Gov. Phil Murphy could be a boon for ailing shopping malls and office parks across the state, Real Estate NJ reported. The law “expands the eligibility criteria for designating certain areas as being in need of redevelopment” — a measure that will allow for more redevelopment incentives, according to the outlet. “Municipalities will now have a stronger tool to fix abandoned retail centers and office parks that clutter up the landscape,” Assemblyman Ron Dancer, one of the bill’s primary sponsors, said in a statement, adding that “improving commercial properties will lead to higher tax revenues and create local jobs.” [RE-NJ]
New law aims to revitalize New Jersey’s ailing shopping malls, office parks
