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DAYTONA BEACH, FL-ISC Properties, a subsidiary of International Speedway Corp., is partnering with the Cordish Co. to look into options of redeveloping a 71-acre tract across the street from the Daytona International Speedway. ISC owns the land where Daytona Live, a mixed-use entertainment destination project, would rise.

ISC executives put the estimated cost of the plan at $250 million, with ISC and Cordish contributing an equal amount. As of now, the preliminary conceptual design features a 200,000-sf mixed-use area with retail, dining and entertainment; a 2,500-seat multi-screen movie theater; a 160-room hotel; and a residential component. In future plans, Daytona Live could also include about 200,000 sf of office for the headquarters of Nascar, ISC, Grand-Am and their related businesses, as well as 22,000 sf of office for other tenants.

Final design plans, with results from local market studies and project analysis, will be completed over the next several months. An ISC statement adds that, “if the results are favorable, ISC and Cordish expect to begin the permitting process over the next several weeks and are hopeful to receive all necessary approvals in the next 12 months.”

“We’re thrilled to partner with such an experienced and renowned developer to explore this important opportunity,” ISC president Lesa France Kennedy says in a statement. “Cordish has seen tremendous success in other similarly styled developments across the country, and they bring a wealth of knowledge to our project. It is our hope that Daytona Live will serve as a new gateway to our community, creating an exciting entertainment center that will become an attractive year-round destination for tourists and area residents.”

Cordish’s projects include Power Plant Live in Baltimore, the Hard Rock Hotel and Casinos in Hollywood and Tampa, FL, Fourth Street Live in Louisville, KY and Bayou Place in Houston. In addition, the Baltimore-based developer is working on its new Nascar Sports Grille concept in Orlando.

“Given our relationship with Nascar for the development of the Nascar Sports Grille and other similarly themed dining establishments, this partnership with ISC was a natural fit,” Cordish chairman David S. Cordish says in a statement.

If the joint venture greenlights Daytona Live, ISC is expected to raze several of its existing corporate headquarter offices and other buildings, which are not fully depreciated, during the next six to 24 months. This will result in a non-cash charge relating to additional depreciation of approximately $12 million in total, or $0.14 per diluted share after tax, over the remaining three quarters of fiscal 2007, the company says.

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