Morris Bailey, chairman of JEMB Realty, and Resorts Casino in Atlantic City, New Jersey have commenced the design and development process to create a phased mixed-use community on 80 acres adjacent to Monmouth Park Racetrack in Oceanport, New Jersey.
The announcement marks the culmination of decades of discussions with various stakeholders resulting in plans for multifamily housing, hotel, retail, entertainment and youth sports facilities. The first phase of this project, to be developed in partnership with the State of New Jersey and Darby Development LLC, is slated to break ground in Q4 2025.
“Monmouth Park Racetrack is an iconic New Jersey attraction,” said New Jersey Governor Phil Murphy. “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.”
In order to activate the underutilized areas around Monmouth Park Racetrack and elevate the real estate around the park to its highest and best use, Bailey and his team have been working closely with the New Jersey Thoroughbred Horsemen’s Association (NJTHA), the New Jersey Sports & Exposition Authority (NJSEA), local community stakeholders and elected officials as well as Darby, which recently entered into an 85-year lease agreement for Monmouth Park. The development will transform surface parking lots to create a year-round destination for area residents and visitors alike.
Plans for the 80-acre site adjacent to the racetrack include the phased development of a 298-unit residential building, a 200-key hotel and a youth sports community center to support future generations of young athletes. Additionally, the team is exploring a variety 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 horse racing 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.”
Over the past decade, Morris Bailey has repositioned the Resorts Casino Hotel and founded Resorts Digital Gaming, a leading online gaming company.
“Monmouth Park Racetrack is near and dear to my heart,” continued Bailey. “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.”
JEMB Realty boasts a portfolio of office, retail, residential and hospitality assets across 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, as well as projects in New Jersey, Florida and Montreal, Quebec.
