Freehold Raceway now has a new owner following its closure in December.

Raceway RE Partners, which owns car dealerships in the area, purchased the nearly 60-acre property that houses the storied Freehold Raceway.

Jake Lebowitz is one of the new owners, and he says this marks a milestone in their mission to thoughtfully redevelop properties that reflect the history, spirit and evolving needs of the surrounding community.

"I know how prestigious this land is. We really want to basically collaborate with the community and find a vision for what would work best here," Lebowitz said.

Faced with declining interest in horse racing, the raceway went into a slow decline. In September 2024, Penn National Gaming, which owned the facility, announced that the nation’s oldest daytime harness racing track would be ending operations in December 2024 after 170 years.

RELATED: One last run: Freehold Raceway to hold final races Saturday before closure

"Freehold Borough and Freehold Township is an amazing community and when we felt we had an opportunity to purchase this, we didn’t take it lightly," Lebowitz said.

The new owners say it will likely be turned into a multiuse space designed around walkability and family experience. They also hope to preserve the history and spirit of the old racetrack.

Right now, there’s no timeline on when something new would go up, but people News 12 talked to were not shy about discussing it.

Luce Terranova, who lives in Jackson, was having lunch in Freehold and hopes to see a trendy gathering spot.

"Somewhere you would want to go with your significant other, or your best friend, a special place to go and there's a vibe to it," says Terranova.

Joe Gonzalez lives in Freehold and wants to see something for kids.

"Something that will keep them off the street, will keep them occupied and would maybe teach them something," says Gonzalez.

Kevin Washington worked at the racetrack when he was a teen and is now in his 60s. He hopes whatever the new owners build will bring jobs.

"They need to put something there where they can have some kind of jobs for somebody," he says.

There’s no shortage of ideas of things that could replace the iconic Freehold Raceway, but the racetrack will likely not be making a comeback.