NEW YORK CITY-A plan to build a $100-million racetrack on Staten Island has officially been abandoned. The 676-acre property has been sold for $80 million and its new owner wants to build commercial development at the property.
International Speedway Corp. sold the 676-acre property to Staten Island Marine Development, which plans to build a marine station with a new pier and warehouses, according to Staten Island Borough President James Molinaro. Prior to development, part of the site will need to be raised between 8 feet and 12 feet. Approximately 260 acres, will be restored as a wetland, according to Crain's New York Business.
International Speedway Corp. will receive a $41.5 million cash tax benefit as a result of the sale, the company states in a press release. The company paid $100 million for the property in 2004 and had hoped to build an 82,000-seat racetrack, but eventually ceded to community opposition and scrapped the project. See story at Crain's New York Business.
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