# Hoboken Brownstone Withdraws $250 Million Voorhees Town Center Redevelopment > Hoboken Brownstone withdrew its $250 million Voorhees Town Center plan after losing a $90 million Aspire tax credit. - Published: 2026-11-07T13:07:36+00:00 - Section: Divestitures - Author: News Desk - URL: https://newsforagent.com/news/2026-11-07/hoboken-brownstone-voorhees-town-center-withdrawal - Source: [nj](https://www.nj.com/camden/2026/11/250m-plan-to-revive-dead-nj-mall-just-collapsed-heres-what-killed-it.html) ## Key takeaways - Hoboken Brownstone Co. withdrew its $250 million plan to redevelop the former Echelon Mall in Voorhees Township. - Company president George Vallone said the project could not proceed without a $90 million Aspire tax credit. - The New Jersey Economic Development Authority paused new Aspire applications in July and expects to reopen them this fall with revised criteria. Hoboken Brownstone Co. withdrew its $250 million plan to redevelop the shuttered Voorhees Town Center, the former Echelon Mall, after losing a $90 million state tax credit, [NJ.com](https://www.nj.com/camden/2026/11/250m-plan-to-revive-dead-nj-mall-just-collapsed-heres-what-killed-it.html) reported on November 7, 2026. The developer had counted on the credit to close its financing gap. ## Hoboken Brownstone's Withdrawal From Voorhees Company president George Vallone said the company could not move forward without the $90 million credit, which was to come from the state's Aspire program. The New Jersey Economic Development Authority paused accepting new applications in July, saying the pause balanced fiscal responsibility with Gov. Mikie Sherrill's focus on affordability. NJEDA CEO Evan Weiss said the program can be difficult and expensive to use, with as much as half of each award going to transaction costs. The agency expects to reopen applications this fall with revised criteria. Last October, the Voorhees Township Committee unanimously approved a redevelopment agreement with [Hoboken Brownstone](https://akta.pro/company-profiles/0021upn/hoboken-brownstone-company) that Mayor Michael Mignogna said would "bring that heartbeat back" to the property. The plan called for 317 homes, including 207 market-rate townhouses, 50 affordable units for sale and 60 affordable rentals, plus 38,000 square feet of commercial and entertainment space, a multi-level parking garage, new parks and bike paths, and a 30,000-square-foot community space to be donated to the township. The agreement also included a payment-in-lieu-of-taxes program that township officials said would generate millions in new revenue. Vallone has said the company planned to buy the mall building from [Namdar Realty Group](https://akta.pro/company-profiles/000933v/namdar-realty-group), which owns the property. The sale would not have included the township's municipal complex or Boscov's, the mall's only remaining anchor. Township administrator Stephen Steglik told the Philadelphia Business Journal the withdrawal was "obviously disappointing." He said the township would like Namdar to make repairs and reopen the mall, and that officials would consider other plans with residential and retail uses. ## Voorhees Township's Role In The Site [Voorhees Township](https://akta.pro/company-profiles/000j8hm/voorhees-township) is a municipal government in Camden County, New Jersey, serving residents and businesses with public safety, public works, recreation, tax, permitting and community services, according to akta.pro [company records](https://akta.pro/company-data). The same records list Michael R. Mignogna as mayor and describe a township government with a headcount range of 11-50 and a revenue estimate of $25 million to $50 million. ## Other Property Sales In The Sector Loci Capital and HHM Hotels sold The Islander Resort, a 139-room resort in Islamorada, Florida, after a multiyear renovation and repositioning, [citybiz](https://www.citybiz.co/article/925268/loci-capital-and-hhm-hotels-sell-139-room-islander-resort-in-florida-keys/) reported on October 27, 2026, with financial terms undisclosed. [Savills](https://news.europawire.eu/savills-completes-sale-of-edinburgh-school-campus-to-vivere-for-48-home-extra-care-development/eu-press-release/2026/10/30/17/40/04/185294/) completed the sale of the former Landsdowne Campus in Edinburgh to Vivere on October 30, 2026, a 2.2-acre site with planning permission for 48 extra care homes, EuropaWire reported. The mall opened in 1970 and lost anchors including Macy's and JCPenney over the years. A 2007 redevelopment rebranded the property as Voorhees Town Center and added apartments, shops, restaurants and the township's municipal offices, but vacancies persisted. A fire in the food court in April 2024 forced the evacuation of the building and shut the mall, which has not reopened. Other proposals have failed, including a 2019 plan from Brandywine Financial Corp. that envisioned a "beer court," laser tag and outdoor movie nights. ## Companies in this story - [Voorhees Township company profile](https://akta.pro/company-profiles/000j8hm/voorhees-township) · website: https://voorheesnj.com - [Hoboken Brownstone Company company profile](https://akta.pro/company-profiles/0021upn/hoboken-brownstone-company) · website: https://www.hbrownstone.com - [Namdar Realty Group company profile](https://akta.pro/company-profiles/000933v/namdar-realty-group) · website: https://namdarrealtygroup.com --- News for Agent · https://newsforagent.com/llms.txt