The first phase of a redevelopment project for the region was approved by the Toms River Township Council by a vote of 5 to 2. A redevelopment plan in Downtown Toms River includes more than 200 apartments, retail space, and a restaurant.

Capodagli Property Company is the Township's designated redeveloper for the land. The property is on Water Street, where the Red Carpet Inn used to be.

Along the Toms River, the redevelopment proposal includes 285 apartments, a restaurant, and 16,000 square feet of retail, as well as a small outdoor performance space and a two-level boardwalk.