Authorizes conversion of certain office parks and retail centers to mixed-use developments.*

S 1408 allows municipalities to approve converting underused office parks (50,000+ sq ft) and retail centers (15,000+ sq ft) with high vacancy rates (25%+ for 18 months) or significant revenue losses into mixed-use developments. It requires such projects to include residential space (at least 20% reserved for affordable housing), avoid industrial uses, and meet specific zoning standards for the converted site. The bill directly affects developers seeking to redevelop these properties and municipalities that must streamline approvals under updated zoning rules. Key provisions include mandatory affordable housing quotas and relaxed height/setback requirements to facilitate the conversions. This aims to revitalize declining suburban properties by enabling walkable communities with housing, retail, and amenities.