There hasn't been a race at Freehold Raceway since December 28, 2024. That was the day the track ran its final harness card, ending more than a century and a half of racing on the site. Nearly two years later, the grandstand is still the first thing most people bring up when talk turns to what Freehold will look like next.
Of the three large sites now in play across Freehold Borough, the racetrack has made the least formal progress. A block of West Main Street already has a 420-apartment plan set before the Planning Board. The former Nestle plant has a named builder, a rewritten redevelopment plan, and a ban on data centers. The track has an owner with a vision and a Borough that, as of its last public statement, still "expected" to reach an agreement.
Where Each Site Stands as of October 12, 2026
| Site | Who is behind it | Most recent formal step | Still open |
|---|---|---|---|
| Freehold Raceway, Borough portion | Raceway RE Partners | July 13, 2026: Borough says an agreement is "expected" | No agreement, plan or application on public agendas through Oct. 5 |
| Raceway parcel, 50 Trotters Way, Township | Not yet designated | Feb. 25, 2026: Township adopts redevelopment plan O-26-4 | Needs a designated redeveloper and signed agreement |
| Hometown, 51 West Main Street | Meridia / Capodagli | Aug. 26, 2026: on the Planning Board agenda | Planning Board and historic review outcomes not yet confirmed |
| Former Nestle plant | J.G. Petrucci affiliate | Sept. 8, 2026: plan amendment adopted | Formal redevelopment agreement still being negotiated |
One Track, Two Towns, Two Different Clocks
The Raceway sale closed in June 2025. The buyer was Raceway RE Partners, and the Asbury Park Press reported that the new owner would not bring back harness racing. Real Estate NJ reported that terms of the sale were not disclosed. The Asbury Park Press put the 57.7-acre site's 2025 assessed value at $21.9 million. That figure is an assessment, not what the buyer paid.
The only public picture of what comes next is the owner's own early sketch. According to Real Estate NJ, the group described a mix of retail, chef-driven dining, and a boutique hotel and social club built around walkability. It offered no specific plans. The group's Jake Lebowitz put it this way in the release Real Estate NJ quoted:
"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."
The property is in two towns, which slows things down. Freehold Township's redevelopment plan counts about 41.6 acres of the Raceway property in Freehold Borough. It treats a separate 11.62-acre parcel at 50 Trotters Way as Township land. Those two numbers don't add up to the 57.7 acres in press coverage. The same plan names other Township Raceway lots, Block 62, Lots 1, 2 and 3, that sit outside the Trotters Way plan, but it doesn't give their acreage.
The Township has moved faster on its part. It authorized a study on August 19, 2025, and designated the area for redevelopment without condemnation on November 10, 2025. It adopted Ordinance O-26-4 on February 25, 2026.
The uses that plan allows have little in common with a hotel and dining district. The new zone permits motor-vehicle storage and staging, with related offices and indoor maintenance, plus public or institutional office buildings. The parcel sits across Route 9 from the main track, on land with former stable and commercial buildings. Access is by easement over Trotters Way, which is also an entrance to Freehold Raceway Mall. The plan covers that parcel only. It is not the plan for the oval most people picture.
The Township plan also lays out the order of steps. A redeveloper has to be designated and a redevelopment agreement signed before anyone can file a development application. Planning Board review comes after that, and a demolition plan is part of the site-plan stage. The Township Planning Board's August 20 agenda listed no applications, and its September 3 and September 17 meetings were canceled.
What the Borough Has Said About the Track, in Order
The Borough holds most of the acreage, but its public record is thin. Here is everything it has said in 2026 and early 2025:
- January 2025. Mayor Kevin Kane told the Asbury Park Press that the Borough opposed high-density housing at the track. He described a possible youth-sports and entertainment venue as one idea.
- July 13, 2026. Administrator Stephen Gallo told the Council that "an agreement is expected with the owners of the Freehold Raceway properties" and went over the current zoning, according to the meeting minutes.
- August 10, 2026. Councilman DiBenedetto said the Redevelopment Committee was "constantly meeting with the owners of the Racetrack and Manalapan Ave. parking lot." At the same meeting, the Borough said its rescheduled fireworks would be held September 4 "at the racetrack."
- September 21 and October 5, 2026. Neither Council agenda lists a Raceway agreement, resolution or plan amendment.
Racing has also left on paper. The Asbury Park Press reported that the Meadowlands would get Freehold's $1.6 million annual purse subsidy and had committed to 36 days of racing for "Freehold level horses." The horses have a place to race. The Freehold site still has no plan.
West Main Street Already Has a Full Plan Set
A few blocks from the Hall of Records, the Hometown project is much further along. It covers 5.48 acres of Block 35 around 51 West Main Street. The August 2026 drawing set filed with the Borough proposes:
- 420 apartments. 220 one-bedroom, 187 two-bedroom and 13 three-bedroom, with 63 designated affordable.
- 12,592 square feet of retail. No restaurant tenant is named.
- 688 parking spaces. 100 are public, on two parking levels beneath four residential levels.
- Two historic houses moved, not torn down. The Perrine House at 55 W. Main Street and the Rue House at 57 W. Main Street are labeled for relocation, renovation and preservation.
That 420-unit count is new. The Asbury Park Press described an earlier public concept as 400 apartments in August 2024.
This project has been moving since 2021. The Borough designated the area in February 2022 and adopted the Phase 1 plan in February 2023. It named Capodagli Property Company redeveloper in August 2024 and signed a financial agreement in January 2025. The current plan set is marked "Issued for HPC," meaning it went to historic review. It also appeared on the August 26 Planning Board agenda as application PB-SP-2026-009. The Borough's posted Planning Board minutes run only through August 12, so that hearing's outcome isn't in the public record yet. Ordinance 2026/22, which amends the financial agreement, lists September 8 as its public hearing and adoption date. The September 8 Council minutes were posted as a scan that can't be searched, so the vote couldn't be confirmed from them.
Even unresolved, Hometown is a detailed proposal with unit counts, parking math and named historic buildings. The track doesn't have anything comparable on file.
The Nestle Site Moved Fastest This Year
The former Nestle plant shows how quickly a Borough site can move once a builder is lined up. On July 13, Gallo described a deal with J.G. Petrucci to demolish the building, clean up the property and build a new manufacturing facility. He added that the redevelopment plan would be changed to rule out a data center.
The rest followed within weeks. The Planning Board approved the data-center ban on August 12. The Council adopted it as Ordinance 2026/21 on September 8. The October 5 agenda proposed extending JERC Partners CXIII LLC, a J.G. Petrucci affiliate, as conditional redeveloper through February 10, 2027, while the formal agreement is negotiated. In under three months, the site went from a deal announced in a staff report to an adopted plan with a set deadline.
Downtown Will Change First
The next visible changes are most likely on West Main Street and at the Nestle site. The Hometown block is a few steps from where downtown's events take place.
This week, the Downtown Freehold events calendar lists the Fall Flavor of Freehold tasting tour on October 13 and 14, from 5:30 to 8 p.m. Tickets are $25, and check-in is at 20 Court Street. The Eddie Testa Band Halloween Show is October 14 at 7:30 p.m. at the Hall of Records, 1 East Main Street, as part of the Fall Concert Series. The Friday farmers market sets up in front of the Hall of Records from 11 a.m. to 4 p.m. with vendors like Asprocolas Acres of Millstone, and it accepts EBT and SNAP. FBAC Open Mic Night is at The American Hotel, 18-20 East Main Street, on October 20 and November 17. All of it is a short walk from the Perrine and Rue houses.
Where the Next Decision Will Show Up
Each site has a specific next step to watch for. For the Raceway, it's a signed agreement on a Freehold Borough Council agenda, which hasn't appeared through October 5. On the Township side, it's a designated redeveloper for 50 Trotters Way. For Hometown, it's posted Planning Board minutes or a resolution on PB-SP-2026-009, and searchable minutes confirming the Ordinance 2026/22 vote. For the Nestle site, it's a signed redevelopment agreement before the February 10, 2027 deadline. Borough agendas and minutes are posted at freeholdboroughnj.gov, and the Township's are in its Agenda Center.
If you own in Freehold Borough or Freehold Township and want to know how projects like Hometown, the Nestle site or the Raceway could affect your street, George Pavlushkin and The ELITE Group follow these approvals as they happen. Schedule a free consultation and we'll go over what's been filed near your home and what it could mean for your plans.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
