Mayor: Wal-Mart eyes mall anchor space
Boro wants new tenant in roller rink site
BY DANIEL HOWLEY Staff Writer

EATONTOWN — Mayor Gerald Tarantolo said recently that two empty commercial spaces in the borough are on track to be filled by new tenants.

While no site plans have been presented to the borough for the spaces, which include the site of the former Boscov's department store located at the Monmouth Mall and the site of the former Eatontown Roller Rink on Route 35, Tarantolo said they are being considered for future projects.

"We're starting to move on filling [commercial] space," Tarantolo said during the June 24 Borough Council meeting.

"We all know that we are in a tough economic downturn, but things are happening in a positive way here in the borough," Tarantolo said. "We have, for example, a potential tenant for the Boscov's building that currently is vacant in the mall."

According to Tarantolo, the 180,000- square-foot Boscov's building, which has been vacant for nearly one year, is being considered for use as a Wal-Mart location.

"We've had discussions with the potential tenant — for your information, it's the Wal- Mart company that is interested in coming into that space," Tarantolo said, "and they intend to take the entire first floor and some adjoining space that currently is available in the mall."

In anticipation of the project, Tarantolo said he had the borough's zoning officer look at a preliminary request for use of the Boscov's building that Wal-Mart officials provided to the borough, to see if such a project would require the company to obtain permits from the borough's Zoning or Planning Board.

"I had our current zoning officer take a look at the request and what they were proposing, and it's his opinion that they can't just do it by permits," Tarantolo explained. "They will probably have to come before the Planning Board and get site plan approval.

"So, we're working in that direction. That space has been vacant now for several months," Tarantolo said, adding that with a new tax ratable at the site, the borough would be able to better offset the residential portion of the borough tax base.

"When we have vacant space, we're losing tax ratables, and so filling space like that really helps the balance of the commercial and residential tax equation that's currently in place," Tarantolo said.

"So, that ratable base is very important, and we look forward to seeing what they are proposing in their site plan, and I'll keep you apprised of what they are doing."

However, a representative of Wal-Mart said last week that the company is not looking at the Boscov's site. When reached for comment, a representative of the Monmouth Mall said the mall operator, Vornado Realty Trust, does not own the Boscov's building.

The Boscov's department store originally opened in the borough in October 2001 and filed for Chapter 11 bankruptcy protection in August 2008.

According to Ken Lakin, Boscov's chairman and CEO, the closure of the Eatontown store, which coincided with the closure of 10 other underperforming stores, was the direct result of the downturn in the global economy.

The potential conversion of the Boscov's building into a Wal-Mart comes at the same time that the mall is nearing completion of an extensive expansion project that has already seen the opening of a new jewelry store and two restaurants.

Tarantolo said the borough is also working to develop the

site of the former Eatontown

Roller Rink.

"Councilwoman [Theresa] Forbes and I have met with the current owners … along with our building department, and looked at the potential for that property to be developed sometime in the near future," Tarantolo said.

"So I'm pleased that we are seeing some activity to fill the space along our Route 35 corridor," he said. "I think it's important from the tax view that this space be filled. That space would be paying taxes to offset the residential component of our tax base.

"So I'm looking forward to consummating these arrangements, hopefully, in the very near future," Tarantolo added.

The Eatontown Roller Rink closed its doors in 2005 after being a fixture in the borough for more than three decades.

More recently, the roller rink was at the center of a controversial Planning Board application by Wawa Inc. that sought to construct a 24-hour convenience store and 12-pump gas station at the site.

After more than a dozen meetings on the topic, the Planning Board rejected the application, citing several factors, including an overwhelming outcry from residents who said the site plan violated a pre-existing borough ordinance that forbids the construction of gas stations within 200 feet of a residential property line and 2,000 feet of another gas station.

In February the roller rink suffered severe damage as a result of high winds that partially collapsed the roof and walls of the building.

In addition to the Boscov's building and roller rink property, the borough is also seeing movement at the site of the former Pathmark supermarket located on Route 36.

The building, which has been closed for some time, is in the process of being completely gutted and renovated for use as a Best Buy electronics store.

Once completed, the 46,000-square-foot Best Buy is expected to create some 30 to 40 new jobs in the borough.

The company is also expected to create a 10,000-square-foot administrative office at the site of the store, which will serve as an outpost for Best Buy operations in the area.

Contact Daniel Howley at

dhowley@gmnews.com.