New Jersey S1766 allows conversion of large vacant office parks and retail centers into mixed-use developments.

New Jersey S1766 aims to facilitate the conversion of large vacant office parks and retail centers into mixed-use developments. The bill identifies eligible properties as those with at least 25% vacancy for 18 months or an economic downturn over three years. To qualify, the office park must be at least 50,000 square feet, and the retail center at least 15,000 square feet. The development must include at least two types of uses, one of which is residential, and must reserve at least 20% of residential units for low- or moderate-income housing.

New Jersey S1766 allows conversion of large vacant office parks and retail centers into mixed-use developments.

New Jersey S1766 aims to facilitate the conversion of large vacant office parks and retail centers into mixed-use developments. The bill identifies eligible properties as those with at least 25% vacancy for 18 months or an economic downturn over three years. To qualify, the office park must be at least 50,000 square feet, and the retail center at least 15,000 square feet. The development must include at least two types of uses, one of which is residential, and must reserve at least 20% of residential units for low- or moderate-income housing.