This bill aims to facilitate the conversion of certain underutilized office parks and retail centers into mixed-use developments in New Jersey. It identifies "eligible properties" 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%. These properties must be located in designated planning areas, near transit stations, and within a Department of Environmental Protection sewer service area, while excluding those adjacent to hazardous sites. The bill allows for a temporary preemption of local zoning regulations, enabling developers to submit applications for mixed-use developments without the constraints of outdated zoning ordinances, provided they meet specific criteria, including the reuse of existing structures or limited expansion that enhances environmental features.

Additionally, the bill mandates that if new residential units are included in the development, at least 20% must be designated as low, moderate, or very low-income housing. The approving authority must approve applications that do not significantly detract from public good or violate zoning intent, while still retaining local control over other development aspects such as parking and stormwater management. The Department of Community Affairs is tasked with conducting an inventory of stranded assets and reporting its findings to the Legislature within 12 months of the bill's enactment, ensuring ongoing updates to the inventory.