Bill > S1408

This bill aims to facilitate the conversion of underutilized office parks and retail centers into mixed-use developments in New Jersey by creating a streamlined process for developers. The legislation recognizes that many suburban commercial properties are now "stranded assets" with high vacancy rates and seeks to modernize zoning regulations to encourage more dynamic, walkable communities. To qualify as an eligible property for conversion, an office park must be at least 50,000 square feet or a retail center at least 15,000 square feet, with a vacancy rate of 25% or more for 18 continuous months or demonstrable economic decline. Developers must propose a mixed-use development with at least two types of uses, including residential, and commit to making 20% of residential units affordable housing, with specific requirements for low-income and very-low-income units. Municipal planning boards are required to approve these conversions if they meet zoning requirements, even if the property is not in a designated mixed-use zone, with provisions for building height, setbacks, and impervious coverage. The bill also provides potential tax incentives and ensures that developers can still seek additional financial support for their projects, ultimately aiming to revitalize underused commercial properties and create more versatile, sustainable community spaces.

Housing and Urban Affairs

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