Freehold Raceway at 130 Park Ave. in Freehold
By Joshua Burd
A development group has acquired the historic Freehold Raceway property, marking a first step toward repurposing the horseracing track after it succumbed to years of declining business.
The buyer, Raceway RE Partners, did not provide specific plans this week after announcing the deal, but said its preliminary vision for the site includes a mix of retail, chef-driven dining and a boutique hotel and social club designed around walkability, family experience and long-term community benefit. The firm said it’s now working with local public officials and stakeholders to ensure that plans are shaped in a way that respects both the site’s historic significance and the needs of Freehold’s future.
Terms of the sale were not disclosed.
“This land holds generations of memories — an incredible 171 years of horse racing took place here — and we intend to honor that legacy while introducing a vibrant, exciting and forward-thinking destination for all,” Raceway RE Partners’ Jake Lebowitz said in a news release.
The group noted that it has deep roots in the region and operates several area businesses that employ many local residents. That figures to guide the process as it weighs its options for the iconic harness racetrack, which closed its doors late last year amid declining attendance and waning interest in the sport.
Raceway RE Partners said it will continue to share updates as planning progresses and “looks forward to working hand-in-hand with residents and officials to bring this exciting vision to life.”
“Raceway’s mission has always been to create more value both economically and socially within the community, so we can give more back — to our local charities, hospitals, police, firefighters, food banks and more,” Lebowitz said. “We’re not just building for profit. We’re building for purpose.”
