This bill aims to facilitate the conversion of certain underutilized office parks and retail centers in New Jersey into mixed-use developments by temporarily preempting local zoning regulations that restrict such transformations. It defines "eligible property" as office parks of at least 50,000 square feet or retail centers of at least 15,000 square feet with a vacancy rate of at least 40 percent. The bill allows for mixed-use developments to be a permitted use without requiring a use variance, provided that the application is submitted within two years of the bill's effective date and meets specific criteria, including the development of at least two types of uses and the reuse or redevelopment of existing buildings without expanding their square footage.

Additionally, if the development includes new residential units, at least 20 percent must be designated as low, moderate, or very low-income housing, with specific distribution requirements for these units. The planning board is tasked with approving applications if they do not substantially detract from public good or impair the zoning plan. While the bill eases restrictions on land use, it maintains local control over other development aspects, such as parking and infrastructure requirements, while ensuring that height and setback limitations align with existing municipal ordinances.