This bill aims to facilitate the conversion of certain underperforming office parks and retail centers into mixed-use developments in New Jersey. It establishes criteria for what constitutes an "eligible property," which includes office parks of at least 50,000 square feet or retail centers of at least 15,000 square feet that have a vacancy rate of at least 25% for 18 months or have experienced significant economic downturns. The bill mandates that property owners must demonstrate good faith efforts to address vacancies. If these conditions are met, the municipal planning board is required to approve applications for mixed-use developments without the need for a use variance, provided the projects comply with local zoning regulations.

Additionally, the bill allows for long-term tax exemptions for projects that meet its criteria and designates them as "areas in need of redevelopment" or "areas in need of rehabilitation." It also clarifies that applicants can still seek variances and apply for tax incentives, financing, or grants. The bill emphasizes compliance with the "Municipal Land Use Law" and other applicable zoning requirements, while also defining the term "vacancy rate" to quantify unoccupied space in eligible properties. Overall, the legislation seeks to revitalize struggling commercial properties and promote mixed-use communities that align with modern living preferences.