A flurry of property purchases worth $5.7 million has developers of the new superspeedway in Wilson County, Tenn., in possession of nearly half the land they need to break ground.
According to developers for Dover, Del.-based Dover Downs Entertainment Inc. and officials with the Wilson County Sports Authority, the company now owns approximately 1,200 to 1,400 of the 3,100 acres it will need to build its $124 million facility.
During the month of May, speedway representatives have been actively closing deals on large and small parcels of land that fit inside its proposed site, located in Wilson County near the Rutherford County border.
"We're trying to close about four to five parcels per week," said Barry Brooke of Knoxville, Tenn.-based real estate development firm Lawler-Wood, which is serving as developer on the project.
According to county records, the largest parcel of land purchased to date by speedway developers was about 429 acres sold by Ralph and Mary Lane for a little more than $2.3 million.
The speedway scooped up another 237 acres from Howard and Allie Cummings for about $1.7 million.
In all, speedway officials have set aside $11.5 million to acquire 54 parcels. "We're closing properties as we speak," Brooke said.
Should land purchases go forward as scheduled, groundbreaking on the project could occur sometime in June.
The Nashville Superspeedway, which is scheduled to open in time for the 2001 racing season, initially will have a capacity of 50,000 with room for expansion up to 150,000.
The facility will feature a 1.25-mile track suitable for NASCAR Winston Cup and Busch Grand National Series races, as well as a short track, dirt track and drag strip races.
Carl Wallace, chairman of the recently formed Wilson County Sports Authority, believes many area residents, including some vehemently opposed to the project, are starting to accept the speedway's impending arrival.
During a recent appearance on a television call-in show, for instance, Wallace said not one person phoned in to voice disapproval of the project.
"I'm assuming most of that has passed now," Wallace said.
Keith Russell writes for the Nashville Business Journal.
