On July 15, 2024 at 3:30PM, Toms River Council held a Special Meeting to vote on the purchase of the dilapidated Boatworks property at 1 Robins Parkway because Mayor Daniel Rodrick says it will be a nice destination for families with a spray park, food concessions, jet ski launches…while also saying he is saving for Open Space so a developer doesn’t purchase and block the view of the Toms River. Since Mayor Rodrick can’t be trusted, especially when he says “trust me” the future of the property is in question, but here is what we know.
The purchase by the Township for $1.8M is over the appraised value of the property and leaves no money for the so called “environmental investigation” that Mayor Rodrick and Attorney Greg McGuckin promised or any improvements.
Once the purchase is final, this will become a tax-free municipal owned property; loss of about $17,000 in tax revenue on a tax assessed $925,000 property.
The following are details from the May 6, 2024 Appraisal prepared by Henry Mancini (same person that is on the Ocean County Board of Health) for Greg McGuckin, Esq. Value of property as-if vacant: $1,750,000 or Value as-is: $1,470,000. Extraordinary Assumptions or Hypothetical Conditions: The property owner has provided an estimate for demolition and removal of all debris from the site, however it was not provided to Henry Mancini, but is estimated at $283,000 (the difference in the 2 values provided). For the report provided it has been assumed “that all contamination has been remediated and the subject property is free and clear of any environmental and/or hazardous material contamination.”
Additionally, a review of a copy of a listing agreement stated that the listing price is $2M for a term that expires on September 30, 2024. A previous sales agreement dated December 4, 2019 was for $1.9M subject to approval of a mixed-use project (commercial & residential) but the contract obviously never closed. Very important to note that the property is located in the VS-Village Seaport Zone and the Downtown Core Rehabilitation Area. As per the appraiser for the Township of Toms River the highest and best use considering all factors is “a mixed use development (multifamily residential and commercial) consistent with the Redevelopment Plan and underlying zone.”
In conclusion, the residents of Toms River Township overpaid for a property with still no known costs of environmental investigation and remediation, not to mention development costs if the Mayor gets his way. Bad Deal for Toms River!
For personal examination copies of the appraisal and the Downtown Redevelopment Plan is provided.