The partnership has signed an agreement with Conshohocken-basedPreferred Real Estate Investments to acquire a 14-acre parcel thatnow contains a vacant former semiconductor factory. "We expect thetransaction to be complete in December," Bhaskar Savani, aprincipal of Philadelphia-based American Management, tellsGlobeSt.com. The "ballpark price for acquisition and demolition atthe site, will be in the $3-million to $5-million range."

He estimates the total development cost at "about $27 million,plus-or-minus $5 million. Once we have all the green flags inplace," which he estimates will take three months, "we'll finalizethe design and architecture. Our hope is to open ahead of the 2008Olympics, so we can have trials there." The hotel, he adds, "willhave a national flag, and we're in negotiations with prospectsnow." Savani is a member of a family investor group that currentlyowns a Ramada Inn in Peoria, IL, among other properties.

Locally based Velodrome Management is headed by David Chaunerand Jerry Casale, cyclists who founded the Pro Cycling Tour andorganized the Commerce Bank Triple Crown and PhiladelphiaInternational Cycling Championship races. American Management isproviding the financing and will develop the complex, whileVelodrome will design and develop the track and operate thecomplex.