Bill > S1408

This bill authorizes the conversion of certain underutilized office parks and retail centers, referred to as "stranded assets," into mixed-use developments, which combine residential, commercial, and recreational spaces within walking distance. To qualify for conversion, an office park must be at least 50,000 square feet or a retail center at least 15,000 square feet, and both must have a vacancy rate of at least 25% for 18 months or have experienced a significant financial downturn, with the owner making good-faith efforts to market the property. Developers can proceed with mixed-use projects, which must include at least two types of uses with one being residential and no industrial use, and a portion of the residential units must be designated as affordable housing. Municipalities will be required to allow these conversions, either by applying existing mixed-use zoning regulations or by adhering to specific standards for height, setbacks, and impervious coverage if no mixed-use zone exists. Projects approved under this bill are also eligible for long-term tax exemptions and can be considered areas in need of redevelopment or rehabilitation without meeting the usual criteria.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1408