Plans for a new 80-acre mixed-use project at Monmouth Park call for a 298-unit residential building, a 200-key hotel and a youth sports community center, with a groundbreaking slated for late 2025. — Rendering by Minno & Wasko Architects and Planners/Courtesy: JEMB Realty
By Joshua Burd
Real estate magnate Morris Bailey has unveiled plans for a sweeping mixed-use development on some 80 acres alongside Monmouth Park, in a project that is decades in the making and long seen as a key to the future of the iconic Jersey Shore racetrack.
The JEMB Realty chairman on Thursday announced the start of a design and development process for what will include a 298-unit residential building, a 200-key hotel and a youth sports community center, with a groundbreaking slated for late 2025. The firm is developing the first phase in partnership with the state of New Jersey and Dennis Drazin’s Darby Development LLC, the operator of the Oceanport horseracing venue since 2012.
The professional team includes Minno & Wasko Architects and Planners.
“Monmouth Park Racetrack is an iconic New Jersey attraction,” Gov. Phil Murphy said. “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.”
Bailey, a longtime New York developer and owner of Resorts Casino Hotel in Atlantic City, once sought to take over Monmouth Park when the state moved to privatize it more than a decade ago. On Thursday, he cited his yearslong relationships with local and state officials and his passion for horseracing, noting that he and his team have been working closely with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, local community stakeholders and elected officials as well as Darby, which recently entered into a broader 85-year lease agreement for the thoroughbred track.
That has culminated in a plan that will transform the venue’s surface parking lots to create a year-round destination for area residents and visitors, Bailey’s firm said. Beyond the residential, hotel and community center, the team is exploring a mix 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,” Bailey said. “We have always been staunch advocates for returning the area to its rightful place as the premier destination for horseracing and family entertainment while including important components that serve the community at large. 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.”
Michael Lawson, a principal at Minno & Wasko Architects and Planners, added: “The initiative of the JEMB team and Morris Bailey to create a thoughtful new mixed-use master plan at the Monmouth Park Racetrack, speaks to their dedication to the future of the horse racing industry in New Jersey. The design by Minno & Wasko envisions the next era of development at the racetrack and we are excited to see the vision become reality in the near future.”
The announcement comes nearly 15 years after Bailey and the late Dennis Gomes acquired Resorts, Atlantic City’s oldest casino, paving the way for a turnaround at the ailing property. He was also among the first to embrace online gaming and legalized sports betting in the United States, having partnered with two of the largest digital gaming companies in the world, while founding Resorts Digital Gaming in 2015.
Earlier this year, Caesars broke ground on a new 16,000-square-foot sportsbook at Monmouth Park.
“Monmouth Park Racetrack is near and dear to my heart,” Bailey added. “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.”
