ISC's Sale Of Staten Island Property Opens Door For More Daytona Development
International Speedway Corp. yesterday announced that it has "sold its 676-acre property" in Staten Island, N.Y., for $80M to Staten Island Marine Development, which ends ISC's "6-1/2 year effort to find a buyer for the former industrial property," according to Clayton Park of the Daytona Beach NEWS-JOURNAL. ISC purchased the land for $100M in late '04 with "plans to build a motorsports racetrack but scrapped that plan two years later after encountering strong opposition from area residents." ISC CEO Lesa France Kennedy in a statement said the money from the sale could be used for "a mixed-use and entertainment destination development" across the street from Daytona Int'l Speedway. Morningstar analyst Jaime Katz said the price for the Staten Island property "seemed to be fair" and should make ISC investors "feel better about (the company's) plans for Daytona Rising now that they have cash that’s accessible" (Daytona Beach NEWS-JOURNAL, 8/6).