This bill aims to facilitate the conversion of certain underutilized office parks and retail centers into mixed-use developments in New Jersey, addressing the issue of "stranded assets" that have become economically unviable due to outdated zoning regulations. It establishes a temporary preemption of local zoning restrictions for eligible properties, defined 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 also be located within designated planning areas or near transit stations and cannot be adjacent to hazardous sites. The bill allows for mixed-use developments to be a permitted use without requiring a use variance, provided that applications are submitted within two years of the bill's enactment and meet specific criteria regarding building reuse, residential unit allocations for low-income housing, and enhancements to transportation connectivity.

Additionally, the bill mandates that the Department of Community Affairs conduct an inventory of abandoned and underutilized properties, reporting the findings to the Legislature and the public within a year of the bill's passage. The legislation retains local control over other aspects of development approval, allowing municipalities to impose conditions related to parking, water supply, and other site standards, while ensuring that height and setback limitations are the most permissive allowed under local ordinances. This initiative is designed to revitalize suburban areas by promoting mixed-use communities that align with the preferences of the modern workforce.