By Stephen Appezzato
OCEANPORT – An ambitious plan to secure Monmouth Park’s financial future moved forward last week as plans to construct a mixed-use development entered the design phase. At the same time, racetrack officials signed an 85-year lease.
On Aug. 29, real estate developer Morris Bailey announced that JEMB Realty had entered the design and development stage for a 298-unit age-restricted residential complex, a 200-room hotel and a youth sports community center. The first phase – the residential component – is expected to break ground in fall 2025.
The plans, which were initially presented to the public last year, show a complex spanning 80 acres of “underutilized areas” adjacent to the racetrack.
“We’re excited to move forward with the new phase of trying to make Monmouth Park a sustainable venue for horse racing, for the future of this development that we’re doing,” said Dennis Drazin in an interview with The Two River Times. Drazin heads Darby Development, the company that operates and now leases Monmouth Park.
According to JEMB Realty, the plans are the culmination of decades of discussions with various stakeholders, like the New Jersey Thoroughbred Horsemen’s Association (NJTHA), Darby Development and the New Jersey Sports and Exposition Authority (NJSEA), a government body that owns the park grounds.
“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 Bailey, JEMB chair, in a release. “We have always been staunch advocates for returning the area to its rightful place as the premier destination for horse racing and family entertainment while including important components that serve the community at large,” he said.
Bailey is a well-known name in the New York, Florida and Montreal real estate markets for his development of office, retail, residential and hospitality spaces. In New Jersey, he is credited with helping revitalize Atlantic City by repositioning the famous Resorts Casino Hotel.
“They’re a top development company,” Drazin said. “Morris Bailey was always in the background as the developer, if and when we were ready to do development. So we’re excited to partner with Morris Bailey’s company, JEMB,” he said.
JEMB also announced the company is “exploring a variety of entertainment options” for the park grounds, such as music venues and experiential retail components, and Drazin mentioned park officials want to “explore the casino option again” to one day make Monmouth Park a “racino.”
JEMB Realty’s mixed-use plan first surfaced after park officials presented it to the borough council and planning board last year. During those hearings, Drazin shared that park officials were unsure if state subsidies would continue after 2023, which provided $10 million to the race track each year since Gov. Phil Murphy took office. That uncertainty prompted a need to explore new income streams.
At the time, some residents and borough officials voiced concerns over increased traffic in the area, future stress on Oceanport’s volunteer emergency services and more.
However, since the NJSEA, a state body, owns the park grounds, the land is not subject to local zoning laws or approvals. The presentations were merely a courtesy and Oceanport could not limit or deny JEMB and Darby Development’s plans. The parties involved pledged to cooperate with local officials and residents and have demonstrated so, decreasing the proposed number of residential units from 388 to 306 to 298, eliminating plans for three-bedroom units to lower population density and restructuring the layout of the development so only two residential buildings would border local roadways. These units will be for those 55 and older, located on the lot across from the racetrack entrance running along Port Au Peck Avenue and consist of 20% affordable housing.
“We think it’s going to bring many more people to Monmouth Park, make it a destination venue for people to come to enjoy not only horse racing but the other types of venues that we’re going to create,” Drazin said.
Darby Development is Here to Stay
In another key update, Darby Development signed an 85-year lease on the racetrack last week. For a dozen years, Darby has operated the track under the NJTHA but will now take “full custody” of the grounds ahead of the coming developments.
According to Drazin, Darby can now implement its vision for the future to complement its main business, horse racing.
“We’ll lead Monmouth Park into the future and make it sustainable for racing for the next 85 years, hopefully,” he said.
Monmouth Park dates back to 1870 and became a leading track in horse racing under Amory Haskell in 1946. In 1986 the track was acquired by New Jersey and operated by the NJSEA until the NJTHA became the track lessee in 2012, contracting operations to Darby Development. Now, Darby has full reigns of the track under its new 85-year lease.
The article originally appeared in the September 5 – September 11, 2024 print edition of The Two River Times.
