TOMS RIVER – Approximately 560 new housing units are proposed in two new multi-level complexes being discussed for the downtown area.
The town is looking to arrange a redevelopment agreement with Capodagli Property Company, LLC. This is when a town arranges for a developer to take something that exists and totally rework it.
They would be located on the block where the Red Carpet Hotel now exists, and on a parking lot that’s built on a hill up Irons Street, near the bank.
Red Carpet
Red Carpet has been purchased by the town and will be demolished. It had been a centerpiece for illegal activity in the area. Very little can be built in its place, officials have said, because of how close it is to a bridge over the Toms River and Water Street. That area saw a lot of flooding during Superstorm Sandy and one way to prevent it from happening again is to use that land as a kind of buffer.
The redeveloper would build a waterfront park there. They would partner with the town in the design and construction of the park along the river. It would keep the existing boat launch and include flood mitigation, township planner David Roberts said.
The Meridia Waterside project, on the same block as the existing Red Carpet, would have two floors of parking that would be shared during business hours with the Music Academy, Ocean Mental Health and other places, Roberts said. The redeveloper wants to relocate the Poseidon Academy into the street level floor of the new building. This is the small standalone building with the painting of waves on the side designating how high the waters came during Sandy.
There would be a two-floor restaurant with a roof-top lounge overlooking the water. This restaurant would be run by the redeveloper.
Irons Street
The property on Irons Street is currently a parking lot built on a slight hill across from Wells Fargo Bank. This is the location that the fire company wanted to use for a new station a few years back. The plan, as it stands now, is to have an apartment complex there.
The Meridia Overlook is proposed to be a total of eight stories. However, since it’s built into a hill, it would only be six stories on the high side of the hill. Four of those stories would be parking.
Parking
Parking is already a problem in downtown Toms River, and any new development would likely bring more vehicles.
These two existing parking lots provide 300 spaces for the downtown area. There are 200 near Red Carpet and 100 on Irons, Roberts said.
The proposal would replace these with 1,060 public parking spots between the two locations.
Housing
Any amount of new development would bring with it concerns of how many children would be entering the school district. There are a total of 560 units between the two buildings.
A majority of the apartments would have one or two bedrooms, Roberts said. Development projects are required to set aside some units for those of low-to-moderate income. Those units would have three bedrooms, per state regulations.
Plans Change
These plans are not set in stone. The town will negotiate the specifics of a redevelopment agreement. This might change any of the factors mentioned above. Also addressed in this agreement would be the timeline and any improvements the redeveloper would do offsite but nearby, that would be used by the tenants, such as roadways to the bus terminal or park upgrades. They still have to go through the same process that other developments have to go through as they get evaluated by the planning board.
The redeveloper has stated that the project would take less than two years to complete each of the two phases.
The project is estimated to cost the redeveloper $114 million. They are looking to give Toms River a payment of $1,056,385 annually for 30 years in lieu of taxes, which the redeveloper estimates as more than the township would normally receive in tax revenue from these buildings.
Click for Original Story (Jersey Shore Online)
They can rework all the properties in downtown Toms River but unless they build a skyway bypass, traffic will be a catastrophe.
it’s already a traffic nightmare there… the fire co has to jump thru hoops to get their trucks in or out wtf is tr thinking ….
unfortunately, they’re not thinking 🙁
a 1000 empty buildings they can rework but no let’s build high density apartments on the river front
Go build it in long branch or red bank
Who is getting paid off and how much? Going to the post office is already a dissaster.
Al Dino Tobia I heard a rumor that the post office is moving to where LA Fitness is now.
Another area I will avoid
Hopefully Hisdiac’s will not buy it!!!
Kerry Camarato ????????
New Hampshire, RT 70, RT 9, and now downtown. Big nope , ain’t doin it
So traffic will be classified as a stage 5 clusterfuck so I hope they reconsider on this
Just knock it down and have a over pass into the park area across the street…oooo wait tr won’t make any money off of that idea god forbid.
That Place is a mess like Hooper Ave
No, no, no. STOP building. This area is becoming so congested! Enough is enough already.
Taylor McKeon i know!!
Dayna Marie Makes me sick, take a ride down route 9 all the way to Barnegat and look at how many developments they plan on building. Knocking down forests for no reason. ?
i know!! Rt 9 waay to cluttered.. and to get to parkway or another major rd from where we live you have to drive a ways on rt 9
See they haven’t knocked down the motel
Imagine the traffic. 560 units. Most households have 2 cars.
1,120 more vehicles in that area daily
Gut feeling says it’s going to be low income and Subsiding housing ! It’s all about the almighty dollar ! Forget about what is best for the town and residence ! Keep opening low end businesses and bringing in low end people and you won’t need the Lakewood people to turn this place into more of a shit hole then it has gotten in the last ten years ! The township is already doing it for you !
Congested, really? Have you guys ever even been up north?
Anthony Hildebrandt yes and that is why we live down here.