Racetrack to be Converted Into Mixed-use Development

CHERRY HILL, NJ-In a sale that took a year to consummate, Garden State Park is now in the hands of a joint venture partnership that will demolish the thoroughbred and standardbred racing facility and replace it with a commercial mixed-use development. The track will close after one more racing season in the fall of 2001, and give way to residential, shopping, entertainment and office uses.

Track owner International Thoroughbred Breeders had contracted to sell the 223-acre property to Turnberry Associates of Aventura, FL a year ago. Along the route to closing, Turnberry added Realen Properties of Berwyn, PA as a joint venture partner.

“The closing of the sale has indeed occurred,” confirms Realen Properties president Dennis Maloomian. His firm will serve as the development partner in the arrangement.