The Monmouth Square redevelopment, the $500 million transformation of an outdated North Jersey mall, is starting to fill out its roster of retail tenants, with chains including Mediterranean fast-food joint, Cava.
New York developer Kushner Cos. on Tuesday identified a number of restaurant chains and other companies that will be joining Whole Foods Market at the former Monmouth Mall in Eatontown. They include Cava, Prince Street Pizza, Van Leeuwen Ice Cream, Strong Pilates and Offshore Coffee.
The new leases, totaling nearly 50,000 square feet, bring Monmouth Square’s 990,000 square feet of retail and restaurant space to 75% preleased, according to Kushner.
“At Monmouth Square, we are assembling a tenant mix that responds to the changing preferences of today’s consumers while enhancing the quality and variety of offerings for the area,” Nicole Kushner Meyer, Kushner's president, said in a statement.
Across the nation, retail landlords are updating and redeveloping old traditional malls and shopping centers as mixed-use properties to drive foot traffic. In some instances, they are adding new kinds of uses such as residential, hospitality, coworking space and experiential venues, like pickleball courts.
In Kushner's case, it is opening up and "de-malling" the 60-year-old Monmouth Mall, slashing its retail footprint by 40%. The site will become a town center with 1,000 luxury apartments, shopping, dining, medical offices and a public green.
Whole Foods, previously announced as a tenant, will anchor the development with a 40,000-square-foot store.
Since breaking ground last spring, progress has been made on the construction of Monmouth Square. In November, Barnes & Noble opened its new location within the property, complete with an updated B&N Café. That relocation, according to Kushner, allowed construction to begin on Whole Foods.
In addition, the demolition of outdated space is well underway, along with infrastructure improvements. The remaining incumbent retailers at the site — including AMC, Macy’s and Boscov’s — continue to operate throughout the redevelopment period.
For the record
Bond Retail Partners, a boutique real estate and hospitality advisory firm, is handling the retail leasing.