Toms River Mayor Rodrick has announced that the township has terminated an agreement with a North Jersey development company that wanted to build a ten-story twin tower apartment skyscraper in the downtown village area. A $1 deal made by the previous administration was canceled after the developer defaulted on its commitments to the town and to the project.
Mayor Rodrick issued the following statement on the matter:
I would like to announce that my administration recently terminated the High-Rise Development Project Downtown at the site of the old Red Roof Inn. We began taking legal action against the developer of tower projects in early May. 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.
They also missed all of their deadlines last year under the Hill administration. Mayor Hill could have pulled out of the deal then, but Mo extended all of their deadlines by one year. When the developer failed to meet the extended deadlines again this year, my administration put them into default.
Over the last 90 days, the developer has not once reached out to explain how they planned to cure that default.
On July 1st, the developer also failed to demonstrate that they had acquired the necessary financing for the project, so we notified them that they had defaulted on that obligation as well. The developer then notified the township that they had not gotten their financing and would not be able to do so within the contractual time frame. So we exercised the township’s right to kill the deal!
As per the contract – the property that Mo Hill gave away for just $1 – will revert back to the township in 60 days.
Respectfully,
Daniel T. Rodrick
Mayor – Toms River Township
