TOMS RIVER, N.J. — Mayor Dan Rodrick has canceled plans for a ten-story apartment complex in downtown Toms River, ending a years-long controversy over the proposed development. The project, to be built at the site of the old Red Roof Inn, was officially terminated after the developer, Capodagli Properties, failed to meet multiple deadlines for securing permits and financing.
Rodrick announced the decision last month, stating that his administration took legal action against the developer in early May. “We began taking legal action against the developer of tower projects in early May,” Rodrick said. “Capodagli Properties, the developer of the towers, did not have their permits in place by the contractual deadlines. This was not the first time the developer missed those deadlines.”
Now that the project appears to be done, the next question is what should be done with the land. The township and the mayor have said they will not purse another major developer and they will not sell their land again for $1. Rodrick has hinted about more passive recreational use for the land, which has sat as a dormant parking lot for years, sometimes used as a farmer’s market.
The development had been a contentious issue in Toms River, with opposition from residents and officials alike. Last year, the previous mayor, Maurice “Mo” Hill, extended deadlines for the project after similar delays, allowing Capodagli Properties more time to fulfill its obligations. However, the company again failed to meet this year’s extended deadlines, prompting Rodrick’s administration to declare the developer in default.
“When the developer failed to meet the extended deadlines again this year, my administration put them into default,” Rodrick said. “Over the last 90 days, the developer has not once reached out to explain how they planned to cure that default.”
In early July, Capodagli Properties was unable to demonstrate that they had secured the necessary financing for the project, which led to further legal action and a second notification of default. The township exercised its right to cancel the agreement when the developer failed to meet financial obligations.
Under the terms of the agreement, the property, which was transferred for $1 under Mayor Hill’s administration, will revert back to the township within 60 days. Rodrick did not specify future plans for the site but made clear that transforming the downtown area into a high-density urban center is no longer on the table.
