In a significant new real estate venture, Resorts Casino in Atlantic City, in collaboration with Morris Bailey, chairman of JEMB Realty, has announced a comprehensive development project adjacent to the Monmouth Park Racetrack in Oceanport, New Jersey. This multi-phased project aims to transform an 80-acre site near the racetrack, creating a vibrant community space that includes 298 residential units, a 200-room hotel, and a youth sports community center.
With a groundbreaking ceremony expected in Q4 2025, the project signifies a new chapter in the region’s ongoing efforts to bolster tourism, improve local infrastructure, and generate economic growth. The development will be led by JEMB Realty in partnership with the State of New Jersey, Dennis Drazin’s Darby Development, and other key stakeholders, including local community leaders and elected officials. The project has been closely coordinated with the New Jersey Thoroughbred Horsemen’s Association (NJTHA) and the New Jersey Sports & Exposition Authority (NJSEA).
Residential Units
The first phase of the project will feature a 298-unit residential building. These units are expected to cater to a range of residents, potentially attracting young professionals, families, and individuals seeking a community-centric lifestyle near the racetrack.
Hotel
A 200-room hotel will complement the residential building, designed to cater to visitors, tourists, and horse racing enthusiasts. The hotel will likely serve as an important resource for Monmouth Park events and the broader tourism industry in New Jersey.
Youth Sports Community Center
A key feature of the development is the inclusion of a youth sports community center, which aims to serve local families and youth. This facility will offer a space for athletic programs, recreational activities, and community events, ensuring the project benefits both the local economy and residents.
The development plan is intended to reinvigorate the area surrounding Monmouth Park Racetrack, a historic venue known for its rich horse racing legacy. The racetrack has long been a favorite destination for horse racing enthusiasts, and this project seeks to not only preserve that legacy but also expand its appeal to new generations.
Collaborations and Strategic Partnerships
A crucial aspect of the development process has been the close collaboration between various public and private stakeholders. Morris Bailey, an influential figure in real estate through JEMB Realty, has played a pivotal role in bringing the vision for Monmouth Park’s revitalization to life. His company’s involvement, in tandem with Darby Development’s leadership under Dennis Drazin, is instrumental in moving the project forward.
Additionally, the project has garnered strong support from the New Jersey Thoroughbred Horsemen’s Association (NJTHA) and the New Jersey Sports & Exposition Authority (NJSEA). Both organizations have been involved in the planning process, ensuring that the development enhances the racetrack’s operations while benefiting the local community.
The New Jersey government has also shown a strong commitment to the project. Governor Phil Murphy lauded the initiative, stating, “Monmouth Park Racetrack is an iconic New Jersey attraction. 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.”
Murphy emphasized that the development would preserve the history and legacy of the racetrack while expanding its offerings. The new facilities will ensure that more New Jersey residents can experience the excitement of horse racing and the amenities of the surrounding area.
A Decade in the Making: A Vision for Growth and Revitalization
This new venture represents the culmination of over a decade of planning and development aimed at reimagining Monmouth Park. Morris Bailey reflected on the long-term vision for the project, stating, “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 has long advocated for restoring the region to its status as a premier destination for horse racing and family-friendly entertainment. His vision for the Monmouth Park redevelopment has always included plans for community-oriented facilities, reflecting a broader mission to benefit not only tourists but also local residents.
After years of navigating complex regulatory and development processes, Bailey expressed his optimism about the future of Monmouth Park: “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.”
Economic Impact and Long-Term Benefits
The economic benefits of the development are expected to be substantial, both in the short term and in the years to come. The project’s construction phase will generate a significant number of jobs, boosting the local labor market. Additionally, the completed residential units and hotel are likely to attract new residents and tourists, further driving economic activity in Oceanport and the surrounding regions.
Monmouth Park Racetrack already holds a special place in New Jersey’s cultural and tourism landscape, and this development will solidify its role as a key economic driver for the area. By attracting a broader range of visitors, from horse racing fans to families and sports enthusiasts, the project will help ensure the racetrack’s continued relevance in a rapidly changing entertainment landscape.
Governor Murphy echoed these sentiments, highlighting how the project aligns with New Jersey’s broader economic and tourism goals: “This important development will enhance the long-term vitality of Monmouth Park and ensure its place as a top destination for visitors to New Jersey.”
Expanding Monmouth Park’s Appeal Beyond Horse Racing
While Monmouth Park has traditionally been known for its horse racing events, this new project signals a broader shift towards diversifying the racetrack’s offerings. By adding residential and hospitality components, the development aims to create a year-round destination that appeals to a wider demographic beyond just horse racing enthusiasts.
The youth sports community center, in particular, reflects a focus on family-oriented entertainment, a growing trend in regional development projects. This facility will cater to local families, providing opportunities for sports leagues, after-school programs, and community events. By integrating these services into the development, the project ensures that it remains relevant to the needs of the local community.
Key Stakeholders and Future Plans
The involvement of Dennis Drazin and Darby Development has been crucial to the project’s progress. Darby Development recently entered into an 85-year lease agreement for Monmouth Park, further solidifying its role in the racetrack’s future operations. This long-term commitment underscores the confidence that key stakeholders have in the racetrack’s potential for growth and success.
Looking ahead, the phased nature of the development allows for flexibility in adapting to future needs and market conditions. The initial focus on residential units, the hotel, and the community center will lay the groundwork for future phases, which could include additional entertainment, dining, and recreational facilities.
The Monmouth Park redevelopment project represents a significant investment in the future of New Jersey’s tourism and entertainment sectors. By preserving the rich history of the racetrack while introducing modern amenities, the project strikes a balance between tradition and innovation. The involvement of key stakeholders from both the public and private sectors ensures that the project is well-positioned for success.
With the first phase set to break ground in late 2025, the development marks the beginning of a new era for Monmouth Park. As Governor Murphy noted, “This project will not only solidify the history and legacy of this racetrack but also expand and enhance its appeal so that more New Jerseyans can experience its excitement.”
As plans continue to evolve, the Monmouth Park redevelopment is poised to become a model for community-focused, multi-use developments, offering a mix of entertainment, residential living, and sports facilities that will benefit both visitors and local residents for years to come.