Ocean Township, New Jersey, has purchased a $2 million site for seven years after it was purchased by the town and plans to sell it for at least $2.75 million. The former school site is now being subdivided into six lots suitable for medium-density single-family residential development. The auction was originally scheduled for June 9 but was postponed pending further information from the town’s attorney and engineer. Mayor John Napolitani said the original idea was to repurpose the building into a municipal building, but was deterred by the potential impact on the surrounding neighborhood and the cost of renovating the building. The future owner will be paying more than $100,000 annually in property taxes.