A major redevelopment project is underway in Monmouth County that will transform one of the Jersey Shore’s largest shopping malls into a mixed-use community with housing, retail, and public gathering space.
Developers have begun construction on Monmouth Square, a $500 million redevelopment of the former Monmouth Mall property in Eatontown, New Jersey. The project will convert the aging enclosed mall into an open-air, mixed-use town center designed to combine residential living with retail, dining, and entertainment.
Once completed, the project will represent one of the most significant redevelopment efforts currently underway in Monmouth County.
From Regional Mall to Mixed-Use Community
Originally opened in 1960, Monmouth Mall grew into one of New Jersey’s larger retail centers, eventually expanding to roughly 1.5 million square feet of space at the intersection of Route 35 and Route 36.
But like many traditional enclosed malls across the country, the property struggled as shopping patterns shifted toward online retail and lifestyle-oriented open-air centers.
The redevelopment aims to reposition the property for modern consumer and residential demand by essentially “de-malling” the complex — removing large portions of the enclosed structure and replacing them with outdoor streets, plazas, and mixed-use buildings.
Construction began in 2024 with demolition of approximately 600,000 square feet of aging retail space, including former anchor locations for Lord & Taylor and JCPenney.
1,000 Apartments Planned as Part of the Redevelopment
A central component of the project is the introduction of new housing to the site.
Plans call for approximately 1,000 residential units built across multiple buildings integrated into the redevelopment.
Some of the residences will be delivered under the developer’s Livana rental brand, targeting lifestyle-oriented renters seeking amenities and proximity to retail and entertainment.
The residential component will include a large amenity package designed to support a full community environment, with features expected to include:
- a 40,000-square-foot clubhouse
- fitness and wellness facilities
- coworking and lounge spaces
- pickleball and recreational courts
- golf simulator and entertainment areas
- family and children’s spaces
- pet spa facilities.
The addition of housing represents a major shift from the property’s original design as a purely retail destination.
A New Retail and Dining District
The redevelopment will retain a significant retail component but with a different layout than the traditional mall format.
Plans call for roughly 990,000 square feet of retail and restaurant space, organized around outdoor pedestrian streets and a central public green that will host events and community gatherings.
A Whole Foods Market will anchor the retail mix, alongside a growing roster of food, beverage, and lifestyle tenants that includes brands such as:
- Prince Street Pizza
- Cava
- Van Leeuwen Ice Cream
- Offshore Coffee
- STRONG Pilates.
Existing anchors including Macy’s, Boscov’s, and AMC Theatres are expected to remain operational during portions of the redevelopment process.
Financing a Major Regional Redevelopment
The scale of the project required a substantial financing package.
Developers secured approximately $415 million in construction financing to support the redevelopment, including loans backed by Fortress Investment Group and Rithm Capital Corp.
The project is being developed by Kushner Companies, which has owned the property since 2002 and has spent years pursuing various redevelopment concepts before moving forward with the current mixed-use plan.
A Broader Shift in Suburban Retail Development
The Monmouth Square redevelopment reflects a broader national trend in which aging suburban malls are being transformed into mixed-use communities.
Across the United States, developers have increasingly repurposed struggling retail centers into projects that combine:
- residential housing
- entertainment and dining
- wellness and fitness
- public gathering spaces.
By adding housing and open-air design, developers hope to create destinations that function more like traditional town centers than enclosed shopping malls.
For suburban communities like Eatontown, these projects can help revitalize underperforming retail properties while introducing new housing and economic activity.
Final Thoughts
The redevelopment of Monmouth Mall into Monmouth Square represents one of the largest mixed-use redevelopment projects currently underway along the Jersey Shore.
By combining housing, retail, and public space into a walkable open-air environment, the project aims to reposition the site as a modern lifestyle destination rather than a traditional shopping mall.
If fully realized, the transformation could reshape one of Monmouth County’s most prominent commercial properties while reflecting the broader evolution of suburban retail across the United States.
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