The former site of a proposed NASCAR track on Staten Island has been sold by its owner, International Speedway Corporation, for $80 million, the company announced yesterday. The 676-acre property has been sold to Marine Development LLC.
“We are very pleased to announce this transaction as it has been our intention to find a buyer interested in redeveloping this site to its highest and best use,” said Brian K. Wilson, vice president of corporate development, in a statement. “Staten Island Marine Development plans to do exactly that, which will benefit economic development and job creation in Staten Island, New York City and the region as a whole.
ISC, which is affiliated with the France family, the founding owners of NASCAR, had previously proposed building an 82,000-seat speedway on the Staten Island parcel, which it acquired for $100 million, but later dropped those plans following resident opposition.
The speedway operator received $7.5 million of the purchase pricing at the time of closing and will receive the remaining price of $72.5 million in payments of $6.1 million, six months after closing, and $66.4 million, 31 months after closing, per the terms of the agreement. The company expects to receive a $41.5 million tax benefit over fiscal years 2013 and 2014.
Marine Development will improve the existing wetlands and elevate non-wetland portions of the newly acquired site to prepare for future commercial development, according to a statement.
The sale of the Staten Island land is expected to help fund, in part, a $400 million renovation to Daytona International Speedway. The project, dubbed “Daytona Rising,” broke ground in July and will expand and redesign the speedway’s entrances, among other improvements.
“With DAYTONA Rising underway and the other prospective developments on the horizon, this sale puts us in a stronger position to balance the ongoing capital needs of our business, and opportunities to grow the business, while returning capital to our shareholders,” added Lesa France Kennedy, chief executive of ISC, in the statement.