Morris Bailey Announces $200M Mixed-Use Development Adjacent to Monmouth Park
Slice of Real Estate Team
Sep 03, 2024
Key Highlights:
- Morris Bailey and JEMB Realty to develop an 80-acre, $200M mixed-use community near Monmouth Park Racetrack.
- Project includes multi-family housing, a 200-key hotel, retail, entertainment, and youth sports facilities.
- First phase in partnership with the State of New Jersey and Darby Development LLC, slated for Q4 2025 groundbreaking.
Source (PR Newswire)
Quotes
“ "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." ”
Governor Phil Murphy, Governor of the State at New Jersey
Our Take:
Morris Bailey’s ambitious project represents a significant step in transforming Monmouth Park Racetrack into a premier mixed-use destination, blending his expertise in real estate development with a deep commitment to revitalizing New Jersey's iconic landmarks. This development promises to invigorate the local economy, create a vibrant community hub, and preserve the rich legacy of Monmouth Park, making it a model for future developments around historic sites. The phased approach ensures sustainable growth, aligning with long-term regional planning and community needs.
