Toms River Officials agree on terms to buy downtown hotel

What the future will be remains to be seen for the Red Carpet Inn in downtown Toms River but there is one thing we now know...the price it'll be sold for.

Toms River Administrative Officials have come to tentative terms with 2 Water Street LLC to buy the property for $3,300,000.00, according to Assistant Township Attorney Anthony Merlino.

"The parties are currently in contract negotiations," Merlino said. "Our goal is to close on the property by mid- to late summer, however that will be dependent on environmental reviews and other considerations."

The price listed by the township today is a lot less than was reported by NJ Advanced Media in January for a price of $4,800,000.00 following a vote by the council.

The future of the downtown eye sore ridden with crime for years, is still yet to officially be determined outside it being knocked to the ground at some point.

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