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The Board of Directors of International Speedway Corporation, the parent of Daytona International Speedway, has approved a project with a budget of at least $375 million to makeover the frontstretch.
It is a reduced plan because of the failure to obtain any governmental funding.
Groundbreaking, at the 54 year old speedway, will start on July 5th this year and is expected to be completed by January 2016.
“We are truly creating history with this unprecedented endeavor,” said ISC's Chief Executive Officer Lesa France Kennedy.
“The decision was made with strong consideration of the current macroeconomic condition and a clear view for our long-term growth,” Ms. France Kennedy continued. “This significant private investment is a strategic use of our capital that will ensure the long-term viability of the iconic speedway, and when completed, will contribute favorably to the Company's revenues, as well as to our community and the sport as a whole.”
The redevelopment is expected to cost between $375 million to $400 million, excluding capitalized interest. “The Company expects to fund the redevelopment from cash on hand, cash from its operations and may use borrowings on its credit facility for a limited period of time to even out cash flow.”
According to a press release “the vision for the redevelopment of the Daytona International Speedway frontstretch places an emphasis on enhancing the complete fan experience, beginning with five expanded and redesigned fan entrances, or injectors, along International Speedway Boulevard. Each injector would lead directly to a series of escalators and elevators that would transport fans to any of three different concourse levels, each featuring spacious and strategically-placed social "neighborhoods" along the nearly mile-long frontstretch.”
Seating will be decreasing from approximately 147,000 to approximately 101,000 permanent seats with the potential to increase permanent seating to 125,000 all on the fronstretch. There will be no capacity changes for the 2014 DAYTONA 500
To learn more about the redevelopment project, fans can visit www.daytonainternationalspeedway.com/redevelopment or www.redevelopdaytona.com.
It is a reduced plan because of the failure to obtain any governmental funding.
Groundbreaking, at the 54 year old speedway, will start on July 5th this year and is expected to be completed by January 2016.
“We are truly creating history with this unprecedented endeavor,” said ISC's Chief Executive Officer Lesa France Kennedy.
“The decision was made with strong consideration of the current macroeconomic condition and a clear view for our long-term growth,” Ms. France Kennedy continued. “This significant private investment is a strategic use of our capital that will ensure the long-term viability of the iconic speedway, and when completed, will contribute favorably to the Company's revenues, as well as to our community and the sport as a whole.”
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| Illustration: ROSSETTI |
The redevelopment is expected to cost between $375 million to $400 million, excluding capitalized interest. “The Company expects to fund the redevelopment from cash on hand, cash from its operations and may use borrowings on its credit facility for a limited period of time to even out cash flow.”
According to a press release “the vision for the redevelopment of the Daytona International Speedway frontstretch places an emphasis on enhancing the complete fan experience, beginning with five expanded and redesigned fan entrances, or injectors, along International Speedway Boulevard. Each injector would lead directly to a series of escalators and elevators that would transport fans to any of three different concourse levels, each featuring spacious and strategically-placed social "neighborhoods" along the nearly mile-long frontstretch.”
Seating will be decreasing from approximately 147,000 to approximately 101,000 permanent seats with the potential to increase permanent seating to 125,000 all on the fronstretch. There will be no capacity changes for the 2014 DAYTONA 500
To learn more about the redevelopment project, fans can visit www.daytonainternationalspeedway.com/redevelopment or www.redevelopdaytona.com.