$2 Billion in Monmouth County NJ Development: 5 Projects That Could Change Where People Want to Live

Monmouth County, New Jersey, is changing.

And some of the biggest changes aren’t happening inside the homes currently listed for sale. It’s Monmouth County NJ development.

They’re happening around them.

Across Freehold, Eatontown, Oceanport, Tinton Falls, Manalapan, and Marlboro, major redevelopment projects are changing how people may live, work, shop, commute, and spend their free time.

From the transformation of the former Fort Monmouth property into a major Netflix production campus to the redevelopment of the former Monmouth Mall, a number of large-scale projects are already underway or moving through the planning and approval process.

The attached market analysis frames these projects as nearly $2 billion of redevelopment across five Monmouth County communities, and points out an important reality for homeowners and buyers: large-scale development can affect the way people perceive an area long before the finished project is complete.

For anyone considering buying or selling real estate in Monmouth County, that makes these projects worth watching.

Here are five of the developments that could have the biggest local impact.

Why Monmouth County Development Matters to Real Estate

Real estate is about much more than the four walls of a house.

When buyers evaluate a property, they are also evaluating the surrounding lifestyle.

They want to know:

What’s nearby?
Where will I shop?
Where will I eat?
How long will my commute be?
What is happening with local roads?
Are new businesses coming?
Are new jobs being created?
Is the neighborhood becoming more walkable?
What will this area look like five or ten years from now?

That’s why Monmouth County NJ development can matter to real estate even before construction is finished.

A new employer can bring additional housing demand.

A new restaurant district can make a neighborhood more attractive.

A major redevelopment can improve amenities—or create traffic and infrastructure concerns.

And a large commercial project can have a very different impact on one neighborhood than another just a mile away.

The key is understanding what is being built, where it is being built, and how far its effects may actually reach.

1. Netflix Studios at Fort Monmouth

Few projects have generated as much attention as the transformation of the former Fort Monmouth property into Netflix Studios Fort Monmouth.

For years after the Army installation closed, portions of the property remained underused.

That is changing dramatically.

The redevelopment spans the Eatontown and Oceanport portions of Fort Monmouth, with the broader Fort Monmouth redevelopment also encompassing Tinton Falls. The Netflix project itself is planned as a major production campus with 12 soundstages totaling nearly 500,000 square feet. Netflix announced a roughly $1 billion investment in the project, and construction is well underway.

Learn more about Netflix Studios Fort Monmouth

The New Jersey Motion Picture & Television Commission also lists Netflix Studios Fort Monmouth as a coming studio project.

New Jersey Motion Picture & Television Commission — Netflix Studios Fort Monmouth

Why Netflix Could Matter to Monmouth County Real Estate

The real estate connection is relatively straightforward:

Jobs bring people.

People need places to live.

Some future employees may choose to rent.

Others may purchase homes.

Some may already live elsewhere in New Jersey and decide they would rather shorten their commute.

Others may relocate from outside the state.

The original announcement for the Netflix project estimated more than 1,500 permanent production jobs and thousands of construction-related jobs, while also noting the potential for additional economic activity in housing, hotels, businesses, and services.

That does not mean every home near Fort Monmouth will suddenly increase in value.

Real estate is never that simple.

Interest rates, inventory, taxes, schools, property condition, location, and broader market conditions all matter.

But when a major employment center is being created nearby, it is absolutely something homeowners and buyers should understand.

Which Communities Could Feel the Impact?

Eatontown and Oceanport are naturally closest to the studio campus.

Tinton Falls is also part of the broader Fort Monmouth redevelopment area.

But the potential housing impact does not necessarily stop at municipal boundaries.

A buyer relocating for work may compare several communities.

That could include surrounding areas such as Long Branch, Little Silver, Red Bank, Middletown, Shrewsbury, and other nearby communities depending on budget, commute, lifestyle, and housing availability.

This is one of the reasons Monmouth County NJ development should be viewed as a collection of local markets rather than one giant market.

2. The Former Freehold Raceway Is Being Reimagined

For generations, Freehold Raceway was part of the identity of the community.

The racetrack operated for more than 170 years before closing at the end of 2024. The property represents approximately 58 acres spanning the Freehold Township and Freehold Borough area.

The attached script highlights ideas including restaurants, a boutique hotel, retail, entertainment, and a more walkable destination—but it is important to understand that the final redevelopment plan is still evolving.

The Freehold Township Planning Board now lists a Freehold Raceway Site redevelopment plan among its active redevelopment resources, and a portion of the site has been formally addressed through a redevelopment plan adopted in 2026.

Freehold Township Planning Board redevelopment information

Why the Freehold Raceway Redevelopment Matters

The most interesting part of this project may not be the individual buildings.

It is the potential to change how people experience the area.

Downtown Freehold already offers restaurants, entertainment, events, shopping, and a walkable environment.

A thoughtfully designed redevelopment nearby could potentially expand that experience.

Imagine a buyer asking:

How close am I to restaurants, entertainment, shopping, and things to do?

That’s a different selling point than simply saying a property is “near downtown.”

Location Value Is About Lifestyle

Buyers increasingly evaluate the experience surrounding a home.

A property that is five minutes from a vibrant downtown, restaurants, entertainment, parks, or other amenities can feel very different from an otherwise similar property surrounded by less activity.

That does not guarantee higher home values.

But it can influence buyer perception, and buyer perception is an important part of real estate.

For homeowners near Freehold Borough and Freehold Township, the redevelopment is something worth monitoring as plans become more defined.

3. Monmouth Square Is Transforming the Former Monmouth Mall

The former Monmouth Mall in Eatontown represents another major example of how traditional retail properties are being reimagined.

The redevelopment is known as Monmouth Square.

Rather than simply replacing an old mall with another shopping center, the project is being positioned as a mixed-use destination incorporating shopping, dining, residential space, and lifestyle amenities.

The current Monmouth Square website describes the project as a redevelopment combining retail, dining, entertainment, and residential living.

Explore Monmouth Square’s current development information

Municipal redevelopment documents describe a plan that includes up to approximately 1,000 residential rental units, commercial and retail space, public spaces, and medical-office uses.

The project has also continued to move through the local planning process, with revisions to retail and other components appearing in Eatontown Planning Board materials.

Why 1,000 New Apartments Matter

Whenever a major project adds hundreds of residential units, there are naturally questions.

Will there be more traffic?

Will infrastructure keep up?

Will local services be affected?

Those are legitimate questions.

But there is another side to the equation.

A mixed-use development can create an environment where people can:

Live
Work
Shop
Dine
Exercise
Socialize
Access services
Spend more of their free time locally

That is a very different model from the traditional enclosed shopping mall.

Could Monmouth Square Affect Home Values?

There is no guarantee.

In fact, it would be irresponsible to say that a development automatically causes nearby single-family home values to rise.

But it can change the characteristics of the surrounding area.

And that can influence buyer demand.

A person considering an Eatontown home may see a completely different lifestyle opportunity if there are restaurants, shops, medical offices, public spaces, and new residential amenities nearby.

That is something homeowners should pay attention to over the next several years.

4. A Major Warehouse Development Is Coming to Manalapan

Manalapan is known primarily for its established residential neighborhoods, schools, parks, and single-family homes.

But commercial development is becoming an increasingly important part of the conversation.

The attached script highlights a proposed warehouse and logistics project involving nearly one million square feet of space near Route 33 and Woodward Road.

For nearby residents, the biggest questions aren’t necessarily about the buildings themselves.

They’re about what comes with them.

Traffic and Infrastructure Matter

Large warehouse and logistics facilities can mean:

More truck traffic
Additional employees
Changes to road patterns
Infrastructure demands
Potential tax revenue
New commercial activity

The impact can be positive, negative, or a combination of both depending on where a property sits relative to the project.

That is why this type of development deserves a much more nuanced conversation than simply saying it is “good” or “bad” for home values.

What Buyers Should Ask Before Purchasing Near a Major Development

This is one of the most important lessons for buyers in a changing Monmouth County market.

Don’t just look at the house.

Look around it.

Before purchasing, ask:

What’s being built nearby?

What’s planned for the next five years?

Will traffic patterns change?

Are there new commercial uses proposed?

Are there redevelopment plans for nearby properties?

How close is the property to major roads?

A beautiful home can still be the wrong home if its surrounding environment does not fit the buyer’s lifestyle.

5. Beacon Hill Is Adding New Rental Housing in Marlboro

Marlboro is another community where development looks different than it did decades ago.

Instead of massive new single-family subdivisions, established communities are increasingly seeing rental developments, mixed-use projects, infrastructure improvements, and redevelopment of existing land.

One example is Beacon Hill.

The development sits on approximately 47 acres and offers rental residences in Marlboro/Morganville. Its official website currently describes the community as a 47-acre development with modern apartment homes and amenities.

Visit the official Beacon Hill website

The attached script describes the community as approximately 285 rental units and points out an important distinction: these are rental residences, not new single-family homes for sale.

Why Rental Development Matters to Marlboro

Not everyone who wants to live in Marlboro is ready to purchase a house.

Some people may be:

Relocating from New York
New to Monmouth County
Waiting to purchase
Downsizing
Going through a life transition
Testing out a community before buying
Looking for a lower-maintenance lifestyle

Rental housing gives those residents another way to enter the local market.

And some renters may eventually become buyers.

That does not mean Beacon Hill will solve the shortage of homes for sale in Marlboro.

It won’t.

But it does add another housing option to a community where large-scale new single-family development is limited.

What All Five Projects Have in Common

At first glance, these projects have almost nothing in common.

Netflix is building a production campus.

Freehold Raceway is being redeveloped.

Monmouth Mall is becoming a mixed-use destination.

Manalapan is seeing major warehouse development.

Marlboro is adding rental housing.

But there is one common thread:

Monmouth County is continuing to evolve.

And that matters to real estate.

The attached script makes this point particularly well: what is happening within a mile or two of a property can sometimes matter as much to a buyer as what is happening across the entire county.

Why Real Estate Is So Local

Two houses can look nearly identical online.

They can have similar square footage.

Similar bedrooms.

Similar kitchens.

Similar yards.

And yet one may sell for significantly more than the other.

Why?

Location.

But “location” isn’t just the name of the town.

It can mean:

The street
Traffic
Nearby development
Distance to shopping
Distance to restaurants
Parks
Employment centers
Transportation
Schools
Future redevelopment
Noise
Walkability
Infrastructure

That’s why buyers should investigate the neighborhood—not just the listing.

Development Can Create Opportunity—and Concern

Large-scale development isn’t automatically good.

And it isn’t automatically bad.

The effect depends on the project and the property’s proximity to it.

Potential Benefits

Development can bring:

New jobs
New businesses
Restaurants
Retail
Entertainment
Infrastructure improvements
Public spaces
New housing choices
Increased economic activity

Potential Concerns

Development can also create:

More traffic
Construction disruption
Truck traffic
Infrastructure pressure
Noise
Changes to neighborhood character
Competition for local resources

Both sides deserve consideration.

For buyers, understanding those tradeoffs before purchasing can prevent unpleasant surprises later.

For sellers, understanding them can help position a property more effectively.

Could These Projects Increase Monmouth County Home Values?

Possibly—but there is no guarantee.

This is an important distinction.

A major redevelopment project does not automatically mean nearby home prices will increase.

Home values are influenced by many variables, including:

Mortgage rates
Housing inventory
Buyer demand
Property taxes
School considerations
Condition
Lot size
Location
Comparable sales
Local economic conditions

The attached script makes the same point regarding the Eatontown projects: development may influence an area, but it does not operate independently of interest rates, inventory, taxes, and the broader housing market.

What development can do is change the story of a location.

And that story can influence what buyers are willing to consider.

What Monmouth County Homeowners Should Watch

If you own a home in Freehold, Manalapan, Marlboro, Eatontown, Oceanport, Tinton Falls, or nearby communities, it is worth paying attention to development announcements.

Not because you should immediately assume your home is worth more.

But because the environment around your property is changing.

A homeowner may eventually be able to market proximity to:

New employment centers
Restaurants
Entertainment
Retail
Walkable destinations
Medical services
New community amenities

At the same time, a homeowner near a major road or commercial project may need to understand whether traffic or other changes could influence buyer perception.

This is why a hyper-local home valuation can be more useful than simply looking at countywide statistics.

What Buyers Should Do Before Purchasing in Monmouth County

If you’re moving to Monmouth County, don’t stop your research after finding a beautiful house online.

Take the next step.

Drive the Neighborhood at Different Times

Visit in the morning.

Visit after work.

Visit on a weekend.

Pay attention to traffic and noise.

Research Nearby Development

Check municipal planning-board resources and redevelopment plans.

For example, Freehold Township publishes redevelopment information through its Planning Board office.

Eatontown also maintains municipal information about the Monmouth Mall redevelopment and related planning activity.

Eatontown Monmouth Mall Redevelopment information

Look Beyond the Property Line

Ask what is happening within a one- or two-mile radius.

That may tell you more about your future day-to-day experience than the listing photos ever could.

What This Means for Someone Moving to Monmouth County

For buyers relocating into Monmouth County, these developments create both opportunities and additional questions.

Someone moving here for a new job may prioritize proximity to an employment center.

A family may care more about schools, parks, commuting, and neighborhood character.

A downsizer may prioritize restaurants, shopping, healthcare, and walkability.

A buyer looking for long-term appreciation may want to understand what is being invested in the surrounding community.

There is no single “best” Monmouth County town.

There is a best fit for a particular buyer.

That is why understanding the differences between communities is so important.

Explore Monmouth County homes and local communities

The Bigger Picture: Monmouth County Is Not Standing Still

The biggest takeaway from these five projects is not that every homeowner should expect their property value to increase.

It’s that Monmouth County is evolving.

A former military base is becoming a major production hub.

A historic racetrack property is being redeveloped.

A struggling regional mall is being transformed into a mixed-use destination.

Manalapan is seeing significant commercial development.

Marlboro is adding new rental housing.

These changes can influence where people want to live, how they spend their time, and what they value when shopping for real estate.

And that is ultimately what makes local development so important to the housing market.

The Monmouth County of Five or Ten Years From Now May Look Very Different

The most interesting question isn’t necessarily what these projects look like today.

It’s what the surrounding communities could look like after they are completed.

Will Eatontown become more attractive to workers connected to Fort Monmouth and Netflix?

Will Freehold gain a stronger downtown-adjacent lifestyle destination?

Will Monmouth Square change how residents use the former mall property?

Will Manalapan’s commercial development change perceptions of certain neighborhoods?

Will additional rental housing in Marlboro give more people an opportunity to live in the community before eventually purchasing?

Those questions won’t be answered overnight.

But they are worth watching.

Thinking About Buying or Selling in Monmouth County?

If you’re buying a home in Monmouth County, understanding the house is only part of the process.

You also want to understand the neighborhood around it—and what’s likely to change.

If you’re selling, the same principle applies.

Your home’s value isn’t determined only by its kitchen, bedrooms, bathrooms, or backyard.

It’s also influenced by how buyers perceive the location.

That is why local market knowledge matters.

Melissa DeSantis works with buyers and sellers throughout Freehold, Manalapan, Marlboro, and surrounding Monmouth County communities, helping clients understand not only today’s real estate market but also the local factors that can influence a property’s appeal.

Learn more about Melissa DeSantis and her local real estate expertise

If you’re curious what your home could be worth in today’s market, you can also use the free home evaluation referenced in the original video script.

Get a Free Monmouth County Home Value Estimate

Frequently Asked Questions About Monmouth County Development

What are the biggest development projects in Monmouth County?

Major projects highlighted in this article include Netflix Studios Fort Monmouth, the redevelopment of the former Freehold Raceway, Monmouth Square in Eatontown, a major warehouse/logistics development in Manalapan, and Beacon Hill in Marlboro.

Is Netflix really building a studio in Monmouth County?

Yes. Netflix is developing a major production campus at Fort Monmouth in Eatontown and Oceanport. The planned campus includes 12 soundstages totaling nearly 500,000 square feet, and construction has reached significant milestones.

Will Netflix increase home values in Monmouth County?

There is no guarantee. A major employment center can influence housing demand, but home values also depend on interest rates, inventory, taxes, property characteristics, and broader market conditions.

What is happening to Freehold Raceway?

The former Freehold Raceway property is being considered and planned for redevelopment. Freehold Township has formally adopted redevelopment planning for a portion of the site, while the larger property remains subject to ongoing planning and development decisions.

What is Monmouth Square?

Monmouth Square is the redevelopment of the former Monmouth Mall property in Eatontown. The project is being transformed into a mixed-use destination incorporating retail, dining, residential, medical, and public-space components.

Is Beacon Hill in Marlboro a new housing development?

Beacon Hill is a rental residential community rather than a new single-family home subdivision. The community sits on approximately 47 acres.

Are new developments always good for nearby home values?

No. Development can create benefits such as jobs, restaurants, retail, and infrastructure improvements, but it can also create concerns about traffic, noise, density, and neighborhood character. The impact depends heavily on the specific project and the property’s proximity to it.

Why should buyers research development before purchasing a home?

Because a home’s surroundings can change. A quiet road today may have different traffic patterns in several years, while a nearby redevelopment could add restaurants, retail, jobs, parks, or other amenities. Understanding both possibilities helps buyers make a more informed decision.

Final Takeaway

The Monmouth County NJ development story is much bigger than any one project.

Nearly every community is continuing to evolve in some way.

For homeowners, that means paying attention to what is happening around their property—not just what is happening inside it.

For buyers, it means looking beyond the listing photos and researching the neighborhood’s future.

And for anyone considering a move, it means understanding that choosing a Monmouth County town isn’t simply about finding a house.

It’s about choosing the community and lifestyle that will surround that house for years to come.

The Monmouth County of tomorrow is already being built today.