Brick Moves to Terminate Foodtown Site Redevelopment Deal

Brick Township officials announced Tuesday that they are terminating a redevelopment contract for the Foodtown site, because the developer now wants to build a residential development on the site.

In a news release just before the Township Council meeting, Mayor John Ducey said the town has notified the developer, M&M at Route 70, LLC a notice of default dated Sept. 15, the required first step to terminate the agreement.

“The redeveloper signed an agreement with the township and wants to change the terms of that agreement to something that we find unacceptable, primarily more residential development. This has brought any progress to a grinding halt,” Ducey said in the release. “The people of Brick Township have waited too long for this to continue. The default notice is a necessary step in the future development of the property.”

“It’s a $7 million deal and the developer failed to even deposit the $100,000 deposit,” Ducey said during the Township Council meeting.

The redevelopment agreement signed in 2010 required the construction of a hotel on the site and established several deadlines -- deadlines that have not been met, according to the release. M&M also has asked for the elimination of the hotel requirement and presented an alternative plan that calls for the construction of residential development on the site.

“The Council and I will not agree to any plan that is inconsistent with the current zoning of the Foodtown site,” Ducey said. “At this point, we have lost faith that the redeveloper will move forward in accordance with the redevelopment plan.”

The Foodtown property was acquired by the township in 2003, to halt the development of a home improvement warehouse store. In 2009, the township administration and council reached an agreement with the redeveloper for the demolition of the decaying structure. The site has been vacant since then.

“The property is too valuable to sit vacant and be a drain on our taxpayers,” Ducey said, noting the township has paid for borrowing costs while losing out on property taxes had the property been owned privately. “Our goal is to get this property privately developed in a manner that is beneficial to the community. We are confident that we are going to achieve that goal.”