TOMS RIVER, NJ – Mayor Dan Rodrick has killed a plan to build a proposed massive ten-story apartment skyscraper in Toms River. After years of opposition, Rodrick announced today that the builder is now in default;t and has terminated the agreement signed by the previous administration.
“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,” Mayor Rodrick said. “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.”
Rodrick has officially terminated the High-Rise Development Project at the downtown site of the old Red Roof Inn. Legal actions against Capodagli Properties, the developer, began in early May due to their failure to secure necessary permits by the agreed-upon deadlines.
This is not the first instance of the developer missing such deadlines, as similar issues occurred last year under Mayor Hill’s administration. Despite deadline extensions granted by Mayor Hill, the developer again failed to meet requirements this year, prompting a declaration of default.
“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,” Mayor Rodrick said. “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.”
For the past 90 days, Capodagli Properties has not communicated any plans to rectify the default.
On July 1st, the developer was unable to demonstrate that they had secured the required financing for the project, leading to another notification of default. Following their inability to meet the financial obligations within the contractual timeframe, the township exercised its right to cancel the agreement.
As stipulated in the contract, the property, which was originally transferred for just $1 under Mayor Hill, will revert back to the township within 60 days.
Rodrick has not said exactly what the township will do with the property, but using it to turn the downtown area into a city is not an option.
