Freehold Borough adopts amended redevelopment plan for 500 Park Avenue

Freehold Borough Mayor & Council finalized Ordinance #2026/12 on June 15, 2026, adopting an amended “500 Park Avenue Redevelopment Plan” for Block 110 (lots 7.01, 8, and 8.01). For residents tracking housing and development, the practical impact is policy and land-use framework alignment—especially around inclusionary (affordable) housing.

What the borough just adopted

The Borough’s adoption notice says Ordinance #2026/12 adopts an amended redevelopment plan entitled “500 Park Avenue Redevelopment Plan,” under New Jersey’s Local Redevelopment and Housing Law framework.

In plain English: a redevelopment plan is a land-use framework that sets how a redevelopment area is expected to be carried forward, including permitted standards intended to match the project being pursued.

How the ordinance materials connect to inclusionary housing

The related ordinance public-hearing document describes TG Acquisitions, LLC seeking an inclusionary residential development on the property commonly known as 500 Park Avenue. It also describes the process for amending the original redevelopment plan to better align certain standards with that proposed project.

What adoption does (and doesn’t) do: this final adoption is a framework step. It doesn’t automatically mean you’ll see construction immediately; residents should expect additional project-specific implementation approvals to follow as the redevelopment process moves ahead.

Affordable-housing context: what the Borough previously listed

In a borough-published affordable-housing presentation dated Dec. 16, 2024, the Borough lists 500 Park Avenue as an inclusionary development and shows proposed 28 affordable units (listed as Block 110/L:8 and 8.01 in that presentation).

Because that presentation describes proposed inclusionary-development credits/obligations, residents should treat the unit figure as proposed unless later, project-specific documents specify binding affordability requirements.

What to watch next if you care about what gets built

Now that the amended redevelopment-plan ordinance is adopted, the next meaningful watch items will be the implementation steps that translate the adopted framework into concrete requirements for the project—through subsequent approvals and related documents.

Where to verify the details

For the most direct evidence, review the Borough’s Ordinance #2026/12 adoption notice and the associated Ordinance #2026/12 public-hearing document. For background on how the Borough frames the site in its affordable-housing materials, also check the Dec. 16, 2024 affordable-housing presentation.

Sources

• Ordinance #2026/12 adoption notice (500 Park Avenue amended redevelopment plan)