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FREEHOLD TWP, NJ- The local planning board has given Freemall Associates its approval to expand Freehold Raceway Mall by just over 350,000 sf of space. The addition, when completed, will boost the super-regional past the two million-sf mark.

The expansion, which was initially proposed earlier this year, will include more than retail space, however. As part of a newly-approved general development plan for the 100+-acre site, Freemall Associates, which is an affiliate of the Rochester, NY-based Wilmorite, also expects to add a four-story office building, a hotel and a parking garage of just under 2,000 spaces. The latter facility was mandated by the planning board as a contingency for approval of the rest of the plan.

On the retail side, most of the new space–at least 250,000 sf–will come in the form of a sixth department store anchor, according to company officials. Candidates for the new anchor slot have not been identified, pending a final agreement.

Freehold Raceway Mall originally opened in 1990 anchored by Lord & Taylor and Sears, and subsequent expansions added JCPenney, Nordstrom and Macy’s to the anchor mix. The tenant roster includes a total of more than 200 specialty stores and restaurants. Parent Wilmorite has a portfolio of 16 shopping centers totaling 15 million sf of space.

Even before work starts on the sixth anchor, company officials say they plan to start work shortly on a 100,000-sf freestanding store adjacent to the access road encircling the main mall. Company officials say they are close to signing Galyan’s sporting goods to occupy the building.

Freemall officials also estimate that the expansion, when built out to include the office building and hotel, will generate somewhere in the vicinity of $3.2 million in tax revenues a year. Under an agreement with the community, about half of that total would be funneled into the local school budget.

Beyond the pending construction of the freestanding sporting goods store for Galyan’s, Freemall officials have not announced a timeline for build-out of the other elements. It’s expected to take several years to get it all done, however–for one thing, the company still needs final site plan approval for each individual component, as well as wetland permits from the New Jersey DEP.

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