Plans for a $220 million redevelopment of Voorhees Town Center have been canceled following changes to New Jersey’s economic development incentives. Developer Hoboken Brownstone Co. confirmed it will no longer pursue the transformation of the former Echelon Mall.
The proposed project would have introduced nearly 320 residential units, renovated retail space, restaurants, and public amenities. However, the development depended on approximately $90 million in state tax credits.
The New Jersey Economic Development Authority paused applications for its Aspire Program during summer 2026. As a result, the developer determined that the project could no longer move forward under its proposed financial structure.
Hoboken Brownstone had been under agreement to acquire the 732,000-square-foot shopping center from Namdar Realty Group. With the redevelopment canceled, Namdar retains ownership of the property.
The former Echelon Mall has faced challenges as traditional enclosed shopping centers continue adapting to changing retail demand. Its interior shopping areas have remained closed for approximately two years, although Boscov’s continues operating.
The redevelopment proposal aimed to reposition the property into a mixed-use destination combining housing, retail, and community spaces.
Residential plans included 207 market-rate townhomes and 50 affordable for-sale townhomes across 25 two-unit buildings. Additionally, the project proposed 60 affordable rental apartments in three separate buildings.
Beyond housing, the development would have renovated much of the existing retail space. Plans also included restaurants, parks, green spaces, and a parking garage with more than 1,000 spaces.
The Voorhees Township Committee unanimously approved the $220 million redevelopment proposal in 2025. Despite municipal support, the project’s financial feasibility remained dependent on state incentives.
The cancellation highlights the importance of financing and public incentive programs in large-scale commercial real estate redevelopment.
Projects involving aging shopping malls often require substantial capital for demolition, infrastructure improvements, and new construction. Consequently, changes to incentive availability can significantly affect development feasibility.
For South Jersey’s commercial real estate market, the decision represents a setback for one of Camden County’s notable retail redevelopment opportunities.
However, separate residential projects continue advancing throughout the surrounding Voorhees area. These include the approved conversion of Four Echelon Plaza into 178 market-rate apartments and other proposed multifamily communities.
While Hoboken Brownstone has withdrawn from the project, the future of Voorhees Town Center remains uncertain. No replacement redevelopment proposal or new development timeline has been announced.
The property’s next chapter will depend on future investment interest, financing opportunities, and a viable redevelopment strategy.
*Article courtesy of Philadelphia Business Journal
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