A changing business environment has led some malls in New Jersey to pivot, including by adding residential units.
“For us, it’s less of a pivot and it’s more of an addition,” said Stephen Fluhr, senior vice president of development at Unibail-Rodamco-Westfield, developers of Garden State Plaza.
“Even prior to COVID, the mall business was stratifying between the malls that were simply getting stronger and stronger, like a Garden State Plaza, versus other malls that are good pieces of real estate but meant to be something else further into the future,” said Fluhr.
In the first phase of redevelopment of Garden State Plaza, 575 apartments will be added between two buildings, with the groundbreaking expected later this year.
The development “is going to be a new kind of town center” for Paramus, according to Fluhr. “Part of our project is creating an acre-and-a-half town green that provides the needed connection between the first phase of the project and the mall itself.”
A few miles north at Paramus Park, the foundations have been laid for a new apartment building that is scheduled to open next spring. Adam Pasternack of Russo Property Management, owners of the apartment building, said the mall “makes for a great location for health care, makes a great location for residential, for apartment homes.”
