Historic NJ Racetrack To Get Extreme Makeover

FREEHOLD, NJ — Months after the historic racetrack held its closing day, new owners have acquired Freehold Raceway and currently don’t have plans to continue harness horse racing at the site, according to a recent news release.

In the release issued on Wednesday, Raceway RE Partners announced their acquisition of the 58-acre raceway property and outlined a preliminary vision for the site, including integrated multi-use retail, chef-driven dining, and a boutique hotel and social club.

The vision is designed around “walkability, family experience, and long-term community benefit,” according to the release.

Raceway RE Partners said they are actively working with township leadership and local stakeholders to ensure that plans are shaped in a way that respects both “the site’s historic significance and the needs of Freehold’s future.”

"This land holds generations of memories,” said Jake Lebowitz of Raceway RE Partners. “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."

Raceway RE Partners has roots both in the local community as well as several area businesses they operate, which employ many local residents, officials said.

With this foundation, the group said they are “committed to delivering lasting value,” not just through physical development, but also through community engagement and giving back.

"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," Lebowitz said. "We're not just building for profit. We're building for purpose."

According to a borough release sent to Patch, Freehold Borough Mayor Kevin Kane and Borough Administrator Stephen Gallo met with the Raceway RE Partners on Tuesday shortly after the sale was completed.

Borough Planner Andrew Janiw (from Beacon Planning), Randy Lebowitz (Jake Lebowitz’s partner), and each party’s respective attorneys were also in attendance at the initial meeting. According to Kane, the group had “a great conversation about possibilities” for the site going forward.

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

While it is still early in the process, Kane thanked the partners for their commitment to engage the governing body and community to “develop a vision that works for all.”

In the weeks ahead, the borough and Raceway RE Partners expect to meet along with their respective professionals to develop a plan for redeveloping the property.

The process will involve “plenty of opportunities for public input and will be the subject of a host of public hearings," borough officials said, as final plans for the site have not yet been set in stone.

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

News of Freehold Raceway closing came in late September when Raceway management informed their employees that the track would soon end operations.

In a statement from Howard Bruno, the Freehold Raceway General Manager, Bruno said that while closing the track was a difficult decision, racetrack operations could not “continue under existing conditions, and we do not see a plausible way forward.”

"This was an extremely difficult decision, especially given the historical importance of Freehold Raceway to the local community and the New Jersey horse racing industry," Bruno said. "Unfortunately, the operations of the racetrack cannot continue under existing conditions, and we do not see a plausible way forward. We are incredibly thankful for our dedicated employees, horsemen and fan base for their support and patronage for so many years."

On Dec. 28, the racetrack held its closing day, where fans across Freehold and Monmouth County came to say goodbye to the historic track.

Previous Coverage

• Freehold Raceway To End Operations In December
• Freehold Raceway Up For Potential Redevelopment Amid Sudden Closure
• Patch Readers Share Memories Of Freehold Raceway
• Closing Day At Freehold Raceway Approaches: What You Need To Know