An 80-acre plot of land next to one of New Jersey’s biggest horseracing facilities is slated to be transformed into a multi-phased redevelopment project as Monmouth Park is looking to get some new amenities.
JEMB Realty announced that they have officially commenced the design and development process to create what they hope will be a vibrant, mixed-use community on land next to the famed racetrack in Oceanport. The project is being undertaken as a partnership with the State of New Jersey and Dennis Drazin’s Darby Development LLC (Darby).
“Monmouth Park Racetrack is an iconic New Jersey attraction,” said Governor Phil Murphy. “We are thrilled to see this project move forward, which will bolster the local economy and ensure that the area is a popular destination for generations to come. Through this important development, the history and legacy of this racetrack will not only be solidified but expanded and enhanced so that more New Jerseyans can experience its excitement.”
JEMB Realty, perhaps best known for their revamp of Resorts Casino in Atlantic City, has been working closely with the New Jersey Thoroughbred Horsemen’s Association (NJTHA), the New Jersey Sports & Exposition Authority (NJSEA), and local stakeholders on the plan. Darby, for their part, recently entered into an 85-year lease agreement at the facility.
The plans, still in the preliminary stages, look to transform several surface parking lots into a phased development consisting of a 298-unit residential building, a 200-key hotel, and a youth sports community center. The development team is additionally exploring a variety of entertainment options including music venues and experiential retail components.
“We are embarking on the next phase of a journey that began over a decade ago when we developed plans to reimagine and reinvent the Monmouth Park experience that has brought so much joy to generations of horse racing enthusiasts,” said Morris Bailey, Chairman of JEMB. “After an intensive, complex, and lengthy process, our plans will create a vibrant lifestyle destination for future generations and will put the racetrack on a trajectory for enormous growth.”
Bailey has been heavily involved in the Garden State’s casino and gambling industry over the past decade. He founded Resorts Digital Gaming in 2015 and was involved in efforts to expand sports wagering in New Jersey that have set the framework for expansion of online sports and gaming throughout the United States.
“Monmouth Park Racetrack is near and dear to my heart,” continued Bailey. “In order to ensure the success of this remarkable venue and sustain racing in New Jersey, we are excited to infuse the surrounding area with our finely tuned development expertise by creating a lively destination to delight visitors, new and old.”
While plans have not been fully finalized, the developers behind the project hope that the first phase will break ground before the conclusion of 2025.
