International Speedway Corp. has agreed to sell the Staten Island parcel on which it had hoped to build a speedway.
According to a Securities and Exchange Commission filing, 380 Development, an ISC subsidiary, has agreed to sell the 676-acre parcel to ProLogis, a Maryland real estate investment trust, for about $100 million in cash, commissions and other related expenses. The transaction is expected to close in December.
ISC, part of the France family's NASCAR empire, purchased the property at the end of 2004 for about $100 million, hoping to build a 0.8-mile, 80,000-seat, $600 million racetrack on the site within five years. But the project was dropped last December after ISC met widespread local opposition and lack of political support.
In all, ISC said it spent about $150 million on the project:
Police ended a hotly contested April public meeting when tempers reached dangerous levels.
Residents complained of traffic tie-ups and argued that the two major roads leading into the property would likely need major renovations to handle the increased loads. Environmental concerns were also cited by opponents of the plan.
“While we are disappointed that we could not complete the speedway development on Staten Island, our enthusiasm for the metropolitan New York market is in no way dampened,” ISC president Lesa France Kennedy said at the time. “We continue to view the region as a prime location for a major motorsports facility.”