Daytona Live is Coming
International Speedway Corp. will partner with the Cordish Co. to build Daytona Live, a 71-acre mixed-use entertainment destination, across from Daytona International Speedway. Officials with Daytona Beach-based International Speedway Corp. say they have entered a 50-50 joint venture with the Cordish Co.
The agreement calls for final design plans to be completed over the next several months. Preliminary conceptual designs call for a 200,000 square feet of retail, dining and entertainment space, as well as a 2,500-seat multi-screen movie theater, a residential component and a 160-room hotel. The potential redevelopment could also include about 200,000 square feet of office space to house the headquarters of ISC, NASCAR, Grand-Am and related businesses. There would be an additional 22,000 square feet available for other tenants.
The project is expected to cost $250 million, with both ISC and Cordish contributing an equal amount of equity. ISC expects its contribution to range between $15 million and $20 million in cash, as well as land currently owned, for the proposed redevelopment.
If the two companies move forward with the project, several of ISC's existing corporate offices and other buildings will be razed during the next six to 24 months to make way for the redevelopment. The demolition of those buildings, which are not fully depreciated, will result in a non-cash charge of approximately $12 million in total, or $0.14 per diluted share after tax, over the remaining three quarters of fiscal 2007.
"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," says Lesa France Kennedy, president of ISC, in a press release.
Cordish is the leading developer of large-scale urban revitalization projects and entertainment districts, including Power Plant Live in Baltimore, the Hard Rock Hotel and Casinos in Hollywood and Tampa, Fourth Street Live in Louisville and Bayou Place in Houston. Cordish also recently unveiled its new NASCAR Sports Grille concept in Orlando.
International Speedway Corp. is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The company owns and/or operates 13 of the nation's major motorsports entertainment facilities. The company also owns and operates MRN Radio, the nation's largest independent sports radio network.