The days of horse racing are officially over at the nation’s oldest daytime half-mile harness racetrack.
Freehold Raceway in Monmouth County, which closed in December, has new owners who plan to transform the site into a retail space.
Raceway RE Partners, a New Jersey-based real estate group, announced Wednesday that it has purchased the 58-acre property.
Preliminary plans do not include bringing back horse racing. Instead, the developers want to create a “family-friendly” community destination.
The vision includes a walkable, mixed-use space with retail shops, dining, a boutique hotel and a social club.
Further details and renderings of the proposed development were not released.
The developers said they will continue to provide updates as planning progresses.
“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,” Raceway RE Partners said in a release.
The purchase price of the racetrack was not disclosed.
In 1999, the track was acquired for $46 million by Pennwood Racing, a partnership between Penn Entertainment and Greenwood Racing, according to the company.
In December, Freehold Raceway held its final race, bringing an end to an era that began in the 1850s.
Freehold Raceway in Freehold shut down late last year. Here, trotters head for the finish line during a horse race at the raceway on Oct. 24, 2020. AP
With attendance declining in recent years, raceway officials said operations could not continue under existing conditions.
At the time, Freehold Borough Mayor Kevin Kane attributed the shutdown to poor management by track officials and waning interest in standardbred harness racing.
The announcement that the track was shutting down stirred nostalgia among many, but some viewed the racetrack’s closure as a step forward for animal welfare.
Freehold Raceway was owned by Penn Entertainment and Greenwood Racing when it was sold. Earlier this month, the former owners, settled a lawsuit filed by the Standardbred Breeders and Owners Association of New Jersey.
The association alleged that FR Park Racing, the joint venture operating the track, failed to maintain the property and provide a safe environment for racing.
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