In a joint venture, the company once again tries to modernize the Monmouth Mall in Eatontown
EATONTOWN -- Kushner Companies will once again try to revamp the Monmouth Mall in Eatontown with a new name for the massive shopping center and a new partner.
In its newest effort to give the traditional suburban mall a major makeover, Kushner Companies has paired with Rouse Properties to create indoor and outdoor shopping, dining, retail, residential and entertainment space to modernize the 57-year-old shopping center. The companies are expected to make a formal announce later this week after the joint venture becomes official.
After retreating from its initial plans for the mall in April 2016, Kushner Companies, the owner of the more than 500,000-square-foot mall, says it's got a $500 million renovation that should win the hearts of the local residents as well as the retail community.
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"This long-term investment in Eatontown will transform Monmouth Mall into a 24/7 attraction unlike any other in the state," said Laurent Morali, president of Kushner Companies. "We're thrilled to partner with industry leader Rouse to deliver a cutting-edge project that will serve Eatontown, Monmouth County and New Jersey for years to come."
To be known as The Heights at Monmouth, the mall would feature an undulating canopied stairway at the main entrance and a curving glass monument and staircase. It would include landscaped paths, terraces and water features as well as seating areas and meeting spots.
One of its highlights would be an indoor culinary marketplace - to be called Culinary Heights, which would feature upscale restaurants, unique themed eateries, wine bars and tea boutiques.
The Heights would incorporate design elements that reflecting Monmouth County's culture, by using architectural components of the region, indigenous plants and local materials.
"We are excited to partner with Kushner to execute our shared vision for The Heights at Monmouth," said Brian Harper, chief executive officer of Rouse Properties. "Like us, Kushner has a proven track record of successfully identifying and unlocking the inherent value at its assets through strategic renovations and property updates."
Monmouth Mall, the single largest property tax revenue source for Eatontown, opened in 1960 and has had some facelifts over the decades, but has been struggling like other enclosed shopping malls to attract customers who are moving back to city centers or doing most of their shopping online.
In 2015, Kushner bought out its then mall co-owner, Vornado Realty Trust, for $38 million and since then has tried to make massive improvements to the site. To the disappointment of borough officials, heavy local opposition to the plan for a different $500 million makeover forced Kushner last year to withdraw its proposal.
Charles Kushner, once the head of Kushner Companies, handed over control of the company to his son, Jared Kushner, the son-in-law of Donald Trump, while serving two years in prison in 2005 for 18 criminal convictions, including tax evasion, witness tampering and illegal campaign donations. Jared Kushner stepped down when he became a White House adviser in January, turning over the reins to Morali. Besides the Monmouth Mall, the Kushner Companies also own a high-rise in Journal Square in Jersey City.
MaryAnn Spoto may be reached at mspoto@njadvancemedia.com. Follow her on Twitter @MaryAnnSpoto. Find NJ.com on Facebook.