Freehold Raceway Park, a historic 171-year-old horse racing track, has been sold with the property slated for redevelopment.
Raceway RE Partners said it had acquired the iconic 58-acre site at 130 Park Ave. in Freehold, New Jersey. It didn't disclose the purchase price.
The preliminary vision for the site includes "beautifully integrated multi-use retail, chef-driven dining, and a boutique hotel and social club — designed around walkability, family experience, and long-term community benefit," the developer said in a statement.
Raceway RE Partners is working with township leadership and local 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," according to the company.
"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," Jake Lebowitz of Raceway RE Partners said in a statement.
Raceway RE Partners has roots in the community and said it operates several area businesses that employ many local residents.
"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."
Raceway RE Partners described itself as a New Jersey-based real estate development group "focused on transformative, community-first projects that balance historical preservation with thoughtful design and economic growth."