Assembly gives thumbs up to legislation to rejuvenate abandoned stores, malls
A plan to breathe new life into mostly vacant shopping malls and office parks is endorsed by the Assembly in New Jersey.
The bill (A1700), sponsored by Jersey Shore Assemblyman Ron Dancer allows towns to designate decaying commercial sites for redevelopment, which would qualify the projects for tax incentives.
“The landscape of our state is littered with abandoned, crumbling, and once-thriving retail centers and office complexes,” Dancer (R) said. “These buildings place a significant burden on the surrounding communities, driving property taxes up and values down. We need to help towns stimulate redevelopment and re-purpose stranded assets in this era of online shopping.”
Shopping centers or office parks that have been at least 50 percent vacant for more than two years will qualify for designation as redevelopment zones.
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