Facing ongoing financial shortfalls, the Toms River Regional School District has confirmed plans to sell the Toms River Corporate Center at 1144 Hooper Avenue in an effort to stabilize its budget.
The district has endured consecutive years of declining state aid, leading to job losses, deferred maintenance, and program reductions. After evaluating multiple properties, officials identified the Corporate Center as a viable asset to sell without disrupting student education.
An independent appraisal valued the building at $16 million. While negotiations are still underway, district leaders have indicated a preference for selling to a public agency, such as the town or county, to retain more control over the sale rather than accepting the highest bid.
The move follows a turbulent financial year in which the Board of Education rejected the proposed 2024-2025 school budget. Despite this, the State Department of Education imposed a 9.9% tax increase while still leaving a $12.4 million gap. With limited options available, discussions about liquidating assets had been ongoing, sparking concerns that a school, such as North Dover Elementary, might be sold.
Nearby Jackson Township has also resorted to selling school properties due to similar budget constraints. In 2023, Toms River’s municipal government took a comparable approach, purchasing land near Silver Bay Elementary for over $4 million to close a budget gap.
Currently, the Corporate Center accommodates 350 preschoolers in an early learning program. These students will be relocated to North Dover Elementary, which has available space due to shifting enrollment patterns. The preschool program will operate on a separate schedule from the older grades to minimize disruptions, and staff will benefit from a centralized work environment alongside their peers.
As financial pressures continue to mount, the district’s efforts to balance its budget highlight the growing challenges many New Jersey school systems face in maintaining quality education amid funding cuts.
AP
