Dan Radel

@DanielRadelAPP

EATONTOWN – The owners of Monmouth Mall, their sights trained on the millennial set, plan to transform the sprawling shopping center into a 24/7 "live, work and play" environment, at a cost of some $500 million, the Asbury Park Press has learned.

Kushner Companies said the new Monmouth Town Center will mark the first re-imagining of a suburban mall in the live, work and play mold in New Jersey. The Press received an exclusive early look at the project, which is due to be unveiled in a public meeting Wednesday night.

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“It’s no secret that traditional-style malls are struggling across the country, so we’re really focused on delivering a fresh, modern project that will meet the needs of area residents for years to come,” Jared Kushner, CEO of Kushner Companies, told the Press.

Kushner is touting the redevelopment as the largest single private investment in Eatontown’s history.

The company will discuss the development at the Borough Council Regular Workshop meeting, 7 p.m. at Borough Hall. There has been widespread interest in the project since news of an overhaul surfaced two weeks ago. A large turnout is expected.

"Get there early. It's going to get crowded," Borough Mayor Dennis Connelly said Tuesday.

WATCH: How big is Monmouth Mall?

Under the plan, the property would be transformed into what the owner describes as a state-of-the-art retail, dining and entertainment destination. It would include a revamped tenant mix, a hotel, a residential component, and an outdoor plaza, along with biker- and pedestrian-friendly greenspaces and streetscape.

The residential component would be composed of one- and two-bedroom units, which Kushner said is specifically intended to minimize impact on the local public school system and traffic.

The redevelopment is inspired by new open-air projects across the country, such as Santana Row in San Jose, Calif., and The Domain in Austin, Texas. The existing mall totals 1.5 million square feet. It is not yet clear how the reinvented complex would change that total. Likewise, it is not yet known what town approvals the owners would seek.

The mall opened on March 1, 1960 as the Monmouth Shopping Center. An estimated 85,000 people attended the grand opening and 3,000 helium balloons were launched to mark the occasion, according to Asbury Park Press archives.

The center included 14 buildings, 50 stores and 600,000-square feet of retail space and was anchored by Bamberger's, the center's biggest retailer when it opened.

"Back then suburbanization was in full tilt and malls were automobile-centric with a retail format. If you didn't have a car you weren't going anywhere," said Prof. James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers.

"Fast-forward to the new millennium and everything has changed. The younger generation has a different lifestyle and work preference," he said.

Hughes said the U.S. is experiencing the biggest age-structure transition in its history as more baby boomers — people born between 1946 and 1964 — are retiring and the millennial generation is becoming the largest age-group in the workforce.

He said regional malls must adapt to the shifting trends or they could be left in the dust.

Pier Village owner Kushner buys out Monmouth Mall

Kushner noted research by Green Steet Advisors, a retail-consulting firm, which reported that enclosed malls are shuttering across the country, with more than two dozen having closed since 2010 and roughly 60 others on the brink.

The company's investment will help ensure that the mall, the single largest source of tax revenue for Eatontown, remains strong and provides important relief for taxpaying homeowners, Kushner said.

According to borough tax records, Monmouth Mall and other retailers located on the property paid about $5.3 million to the borough in 2015 taxes.

Additionally, the project will create scores of new jobs in the area, Kushner said.

The project will be modeled after another Kushner-owned project in Monmouth County, Pier Village in Long Branch, which features 500 oceanfront residences and a mix of shopping and dining options.

Kushner is the sole owner of the mall after buying long-time partner Vornado Realty Trust’s 50-percent interest in a $38 million deal last summer.

Dan Radel: 732-643-4072; dradel@gannettnj.com

IF YOU GO

What: Borough Council Workshop Meeting

When: 7 p.m. Wednesday

Where: Borough Hall, 47 Broad St., Eatontown

Second Floor Courtroom/Council Meeting Room