JV Outlines $75M Mixed-Use Project Across From Daytona Speedway

DAYTONA BEACH, FL-In what would be the largest commercial project of its kind in Volusia County, locally based International Speedway Corp. and Casto Lifestyle Properties LP of Sarasota plan to break ground in 2006 on an estimated 500,000-sf, 50-acre, $75-million shopping center that would include office, entertainment and residential components besides retail.

Cobb Theaters of Birmingham, AL plans to build an 18-screen megaplex theater in the center, says Lesa France Kennedy, president of International Speedway Corp. "Driven by the continued growth of Daytona Beach and surrounding areas, we view this development as an opportunity to reinvest in the local community and unlock the full value of this prime acreage, located across the street from the world-famous Daytona International Speedway," Kennedy says.

Casto, with 70 years experience in the commercial real estate industry, will lease and manage the property. The concept for the Daytona Beach project is based on the successful 524,000-sf Winter Park Village Casto developed and opened in 2001 in suburban Orlando.

"Loft apartments above street-front stores, offices, specialty and convenience retail, and restaurant and entertainment venues are effectively combined to create an urban village environment attractive to both local residents and tourists," says Casto president and CEO Brett Hutchens.

Casto has been looking at various sites in the Daytona market for the last several years, "but to have the chance to develop a regional mixed-use project at such a dynamic location represents an exceptional opportunity" for the developer, Hutchens says. "The incremental effect of tourism in the area and the multiple event weeks at the Daytona International Speedway make this a site and project with tremendous potential."

The 50 acres on US 92 currently house office buildings with corporate tenants and certain related operations of ISC and NASCAR.

Besides the Daytona International Speedway, ISC owns and operates Talladega Superspeedway in Alabama; Michigan International Speedway outside Detroit; Richmond International Raceway and Martinsville Speedway in Virginia in Virginia; California Speedway near Los Angeles; Kansas Speedway in Kansas City, KS; Phoenix International Raceway in Arizona; Homestead-Miami Speedway south of Miami; Darlington Raceway in South Carolina; and Watkins Glen International in New York. ISC also holds an indirect 37% ownership interest in Raceway Associates LLC which owns and operates Chicagoland Speedway and Route 66 Raceway near Chicago.