Chris Christie announced the sale of a portion of the $7.5 million mall site in the Jersey City borough of Westchester County.
The sale is a significant milestone in the governor’s efforts to revitalize the former Mall of America complex in Jersey City, which was demolished in 2015 and replaced by a larger retail and office complex called Jersey City Place.
The governor has pledged to preserve the mall site, which is surrounded by residential neighborhoods and is a popular tourist destination.
The mall site will be sold by the Christie administration for $7,000 per square foot, a value that is up from $1,700 per square feet earlier this year.
Christie has said the property is undervalued.
“The sale will help NJGens land use management and economic development program in the redevelopment of this iconic site,” said New Jersey State Assemblywoman Linda Brammell, a Christie ally.
Christie said he would personally review the sale and make a decision by the end of June.
The governor also signed a bill in June that requires the state to review redevelopment plans for the former mall site.
The Christie administration has proposed redeveloping the mall and other properties near the site as part of a larger plan to create a regional economic hub and a tourist destination for Jersey City and the surrounding region.