And it's actually a mix of old and new construction. The existing, 20-year-old Lions Head Plaza is currently 70% vacant, and the property's assessed value has dropped from $10.5 million to $7 million. That coupled with the loss of about 200 jobs and reduced tax revenues qualifies the property as what the State of New Jersey terms a "greyfields" project and a requirement that it be fully redeveloped.

"It sets the stage for how revitalization should be done in New Jersey," says NRDC president John Orrico. "We've worked with the community to design elements to the center that will create a traditional Northeast downtown look and feel. In the end, we will be able to take an economically blighted site and create a balance of public and private accommodations, something that's not done very frequently."

NRDC's redevelopment plan calls for the existing Lions Head Plaza to be reduced from its existing 235,000 sf to 209,000 sf, and to be completely made over. A new Wal-Mart will rise adjacent to the existing building, boosting the total retail package to 385,000 sf. Additional tenants currently lined up include Cinemark and L.A. Fitness.