ISC pays $100 million for Staten Island site!
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12-18-2004, 12:41 AM
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ISC pays $100 million for Staten Island site!
DAYTONA BEACH, Fla. (AP) -- International Speedway Corp. has paid $100 million to buy land in Staten Island to build a New York City racetrack.
The company, which owns or operates 11 of NASCAR's major tracks, hopes to build a $600 million track on dormant industrial land. Officials said Wednesday it could represent the largest construction project the motorsports giant has ever undertaken, nearly triple the amount it spent to build tracks in Kansas City, Kan., and the Chicago area.
Lesa France Kennedy, president of the family-controlled International Speedway, said the company has to complete a feasibility study before deciding whether to build the facility.
"Whether we ultimately construct a track or pursue alternative options for the development of this prime New York real estate will largely depend on the results of this study," she said.
Speedway officials were expected to elaborate on their New York plans Thursday in a call with financial analysts.
She said the track probably could not be completed until 2009 or 2010. The parcels that were purchased by a Speedway subsidiary, 380 Development, include a 450-acre waterfront tract owned by GATX Corp. and a 1-acre parcel bought from an unidentified owner.
The subsidiary also plans to spend $10 million to buy an additional 236 acres from Duke Energy in January. In all, Speedway wants to put acquire 660 acres, which it said would be the largest undeveloped block of land within New York City.
The land near the Goethals Bridge would house not only a three-quarter-mile track with 80,000 seats but also a 50-acre group of nationally known stores. Speedway officials said a New York developer, Related Retail Corp., will hold a minority stake in the venture.
Speedway officials did not disclose what financial incentives they have requested from New York City and other agencies.
New York City Mayor Michael Bloomberg previously has voiced doubts about traffic jams that might be generated by the track. Neither the mayor nor city council members representing Staten Island could be reached for comment Wednesday evening.
Several Staten Island political leaders, including borough President James Molinaro, have been supportive of the track project, saying it would rejuvenate a defunct oil tank farm.
NASCAR.com
redriderbob
The company, which owns or operates 11 of NASCAR's major tracks, hopes to build a $600 million track on dormant industrial land. Officials said Wednesday it could represent the largest construction project the motorsports giant has ever undertaken, nearly triple the amount it spent to build tracks in Kansas City, Kan., and the Chicago area.
Lesa France Kennedy, president of the family-controlled International Speedway, said the company has to complete a feasibility study before deciding whether to build the facility.
"Whether we ultimately construct a track or pursue alternative options for the development of this prime New York real estate will largely depend on the results of this study," she said.
Speedway officials were expected to elaborate on their New York plans Thursday in a call with financial analysts.
She said the track probably could not be completed until 2009 or 2010. The parcels that were purchased by a Speedway subsidiary, 380 Development, include a 450-acre waterfront tract owned by GATX Corp. and a 1-acre parcel bought from an unidentified owner.
The subsidiary also plans to spend $10 million to buy an additional 236 acres from Duke Energy in January. In all, Speedway wants to put acquire 660 acres, which it said would be the largest undeveloped block of land within New York City.
The land near the Goethals Bridge would house not only a three-quarter-mile track with 80,000 seats but also a 50-acre group of nationally known stores. Speedway officials said a New York developer, Related Retail Corp., will hold a minority stake in the venture.
Speedway officials did not disclose what financial incentives they have requested from New York City and other agencies.
New York City Mayor Michael Bloomberg previously has voiced doubts about traffic jams that might be generated by the track. Neither the mayor nor city council members representing Staten Island could be reached for comment Wednesday evening.
Several Staten Island political leaders, including borough President James Molinaro, have been supportive of the track project, saying it would rejuvenate a defunct oil tank farm.
NASCAR.com
redriderbob