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%. 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 either reusing existing buildings or redeveloping the property without expanding its square footage.

Additionally, if the development includes new residential units, at least 20% 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 that do not substantially detract from public good or impair zoning plans, while still retaining control over other approval aspects such as parking and stormwater management. The bill seeks to address the issue of "stranded assets" in suburban areas by encouraging redevelopment that aligns with modern workforce preferences for livable, walkable communities.