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Monmouth Park Racetrack, an iconic horse racing track in Northern New Jersey, is fighting to sustain itself in a shifting industry by diversifying its revenue streams.
The track’s strategy relies heavily on developing surrounding land to bolster its bottom line and keep horse racing going. In 2023, the facility secured a major victory when it earned approval to construct apartments and a hotel near the track.
The track’s operator, Darby Development, recently proposed an expansion to that original plan. According to a report from the Asbury Park Press, the new proposal includes a youth sports facility, a second hotel, and additional apartments—features intended to significantly increase the project’s scope and revenue.
Density vs. destiny: Why Oceanport leadership is wary
The expansion has met resistance within the borough of Oceanport. Local concerns center primarily on the addition of a second apartment complex.
These tensions were evident when the original plans were presented to borough leadership, according to the Two River Times. During public comment sessions, residents voiced concerns regarding environmental impacts and community density.
“I feel the environmental impact of this proposed site plan is a little bit above and beyond what is reasonable,” one resident said, according to the Times. “I hope that you consider this very carefully and remember all things that are going to be impacted on those of us who live here.”
Oceanport Mayor Tom Tvrdik has also pushed back against the updated plan. He told the Asbury Park Press that the increased population density from the additional units would be a drawback for the borough and labeled the new additions “not acceptable.”
While the plans must be presented to the Borough Council, the council lacks the authority to approve or reject them. That power resides with the New Jersey Sports and Exposition Authority, which has already approved the initial apartment complex.
Why real estate is the track’s final lifeline
For Monmouth Park, these plans represent a vital lifeline. The track recently concluded a five-year period in which it received $10 million in annual state subsidies to remain operational.
The track, which first opened in 1870, is no stranger to volatility. Over its 156-year history, it closed just three years after its debut due to financial hardship and remained shuttered for 50 years after New Jersey banned horse wagering in 1894.
