TOMS RIVER, NJ—Mayor Daniel T. Rodrick of Toms River has announced the cancellation of a controversial $1 deal with a North Jersey development company that had plans to construct a ten-story twin tower apartment skyscraper in the town’s downtown village area.
The agreement, initially established by the previous administration, was rescinded due to the developer’s repeated failures to meet contractual obligations.
The terminated project, previously slated for the location of the former Red Roof Inn, was handed over to Capodagli Properties. According to Mayor Rodrick, the developer consistently missed crucial deadlines for obtaining necessary permits—a pattern that persisted from last year under the previous mayor.
Despite an extension of deadlines by a year, the developer again failed to meet the new timelines this year, leading to legal actions initiated by Rodrick’s administration in early May.
Mayor Rodrick further elaborated that over the past 90 days, Capodagli Properties did not make any attempts to communicate plans to rectify the default situation. On July 1, the developer also failed to secure the required financing for the project, prompting the township to declare a default on that obligation as well.
The lack of financing confirmation from the developer ultimately compelled the township to exercise its right to terminate the deal.
As stipulated in the original contract, the property, which was sold for a nominal fee of $1, will revert back to the township within 60 days.
