Hoboken Brownstone Co. has walked away from its plan to transform the long-struggling Echelon Mall site in Voorhees, New Jersey, after the developer failed to secure a $90 million state tax credit it needed to move forward. The withdrawal leaves the fire-damaged mall building empty with no clear path to reopening, and it marks the latest setback in a redevelopment saga that has dragged on for nearly two decades.
George Vallone, president of Hoboken Brownstone Co., said his company could not proceed because it was unable to obtain the $90 million state tax credit, according to The Philadelphia Inquirer. The company had planned to use New Jersey Aspire Program tax credits as gap financing and intended to buy the mall building from current owner Namdar Realty Group if the credit came through, per Vallone. The Philadelphia Business Journal separately reported the scrapped plan was worth $220 million, while the Inquirer described it as a $250 million redevelopment aimed at turning the site into a regional destination. The two outlets did not reconcile the differing figures.
What the Shelved Plan Would Have Brought
Had it moved forward, the sale from Namdar would not have included Voorhees Town Hall or Boscov's, the site's sole remaining department store, the Inquirer reported. According to township documents cited by the paper, Hoboken Brownstone planned to construct more than 200 market-rate townhouses alongside more than 100 units of affordable housing, including both for-sale townhouses and rental apartments.
The proposal also called for 38,000 square feet of new commercial and entertainment space, a parking garage with at least 1,300 spots, outdoor areas and bike paths, and a 30,000-square-foot indoor community space, per the same township documents. Those plans are now off the table following the withdrawal.
A Tax Credit Program in Limbo
The collapse traces back to New Jersey's decision to pause its Aspire Program, which Hoboken Brownstone was counting on for financing. The New Jersey Economic Development Authority said in a July 2026 statement that it had temporarily paused Aspire applications so it could process current applications, protect funding for viable projects, and establish what it called a new, transparent and competitive framework, according to the New Jersey Economic Development Authority.
By September, the agency was reportedly aiming to reopen the program that fall after reviewing priorities and remaining allocations, according to Real Estate NJ, though that was described as a goal rather than a confirmed reopening. The outlet also reported that the EDA's CEO said bridge financing is vital to most Aspire projects, since tax credits are only issued after a project is completed and certified — a structural hurdle that can leave developers exposed while waiting on state approval.
Township Wants Namdar to Fix the Mall
Voorhees Township administrator Stephen Steglik called the withdrawal “obviously disappointing,” per the Inquirer's report. Steglik said township officials want Namdar to make corrections to the mall and reopen it, while remaining open to other plans that include residential and retail uses. He added that a developer who does not need tax credits would remove one hurdle from any future proposal.
Voorhees Township officials did not respond to requests for comment about the property's future made the day before the Inquirer's report, and Namdar officials have not responded to recent requests for comment on their plans for the site either, according to the same account.
A Mall That Has Struggled for Decades
Echelon Mall, situated off Somerdale Road in Voorhees, opened in the 1970s and began struggling with vacancies in the early 2000s, the Inquirer reported. In 2008, part of the mall was demolished to make way for a $150 million Main Street-style mixed-use development, and the property was rebranded as Voorhees Town Center, incorporating both an enclosed mall and an open-air complex.
Namdar Realty Group bought the property from PREIT for $13.4 million in 2015, but retailers and customers continued to leave the center in the years that followed, per the Inquirer's reporting. A two-alarm fire damaged the inside of the building in 2024, and the mall has not reopened since. The site has undergone redevelopment efforts intermittently for nearly two decades, a pattern that now includes the failed Hoboken Brownstone plan as its latest chapter.
