OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, N.J. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025.
Plans for the site include a 298-unit residential building, as well as a 200-room hotel and a sports community center to support local youth athletes. The development team is also exploring a variety of entertainment options such as music venues and experiential retail components.
Monmouth Park Racetrack is a racetrack for thoroughbred horse racing. According to the property website, the original Monmouth Park was constructed in 1870. Three buildings have carried the name in the past 139 years. The current structure opened its doors in 1946.
The racetrack is owned by the New Jersey Sports and Exposition Authority and is operated by Darby Development, which recently entered into an 85-year lease agreement for the facility.
The project team plans to work with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, the New Jersey Sports & Exposition Authority and local community stakeholders and elected officials to elevate the real estate around the park to its best use, according to JEMB Realty.
“Monmouth Park Racetrack is an iconic New Jersey attraction,” says New Jersey Gov. Phil Murphy. “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.”
Founded in 1990, JEMB Realty is a family-owned real estate development firm based in New York City. The company’s portfolio includes office, retail, residential and hospitality assets in Florida, New Jersey, Montreal and New York, including the development of One Willoughby Square, Brooklyn’s tallest office building, and One Park Point, a luxury rental development in Brooklyn’s Park Slope neighborhood. In 2015, JEMB Realty launched Resorts Digital Gaming, an online gaming platform.
— Channing Hamilton