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The basics:

• Raceway RE Partners acquires 58-acre Freehold Raceway site
• Plans include retail, dining, hotel and social club
• Vision focuses on walkability, family appeal, community benefit
• Developers working with local officials; public input planned

The iconic Freehold Raceway property has a new owner.

As NJBIZ reported, the 58-acre site, which housed horse racing for more than 170 years, shut down at the end of 2024.

On June 11, Raceway RE Partners announced its acquisition of the property. Terms of the deal were not immediately disclosed. The previous owners, a joint venture of Penn National Gaming and Greenwood Racing, had purchased the track in 1999.

A New Jersey-based real estate development group, Raceway RE Partners focuses on transformative, community-first projects. The firm’s work balances historical preservation with thoughtful design and economic growth.

“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,” said Jake Lebowitz, principal, Raceway RE Partners.

‘Building for purpose’

Raceway RE Partners notes its deep community ties – operating several area businesses. It also stressed its commitment to deliver lasting value through both physical development as well as meaningful community engagement.

The storied site’s future has inspired much speculation, debate and anticipation.

Key things to know:

• Preliminary vision for the site includes multi-use retail, chef-driven dining, and a boutique hotel and social club, according to Raceway RE Partners
• Design plans will center around walkability, family experience and long-term community benefit

The new owners said they are actively working with the township and local stakeholders to develop a plan that respects the site’s historic significance – while also meeting Freehold’s future needs.

“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,” said Lebowitz. “We’re not just building for profit. We’re building for purpose.”

Blank slate

Shortly after the sale closed, Raceway RE Partners met with township leaders, including Mayor Kevin Kane and Borough Administrator Stephen Gallo, about the plans.

“We had a great conversation about possibilities,” said Kane. “Mr. Lebowitz was very understanding of the important place that the raceway holds in the borough and expressed their interest in honoring that heritage. Right now, we are looking at a totally blank slate and nothing is off the table. Raceway RE Partners shares our community vision to create an exciting destination for the region with inviting retail shops, gourmet restaurants, a boutique hotel, and quality community facilities.”

Right now, we are looking at a totally blank slate and nothing is off the table.
– Freehold Mayor Kevin Kane, regarding the future of the Freehold Raceway property

The two sides plan to meet in the weeks ahead to develop a property redevelopment plan. Freehold says the effort involve plenty of opportunities for public input and a series of public hearings. Raceway says it will continue to share updates as planning progresses. The company added  it looks forward to working hand-in-hand with residents, officials and stakeholders to bring the vision to life.

Kane said, “We are excited about the possibilities of redeveloping the former raceway property – and we are happy to have a visionary partner to work with us.”