International Speedway Corp.’s (Nasdaq: ISCA) $120 million-$150 million entertainment, shopping and dining complex, One Daytona, is ready to start building die-hard race fans a place to live.
The motorsports-themed destination is wrapping up most of the commercial construction that includes 300,000-plus square feet of space featuring a P.F. Chang’s restaurant, Kilwins Confections, Guitar Center and more now connected to an existing Bass Pro Shops and 12-screen Cobb Daytona Luxury Theatres.
Up next: Starting work on the planned 276-unit residential component that will welcome permanent residents to One Daytona. The apartment complex is slated to open by second-quarter 2019. "Toward the end of the year, we will begin to build a mid-rise apartment complex on the east side that will transform as the market allows," Jeff Boerger, vice president of corporate development with International Speedway Corp., told Orlando Business Journal.
He said the company will begin with a 110-unit, four-story complex that will expand as demand for more units grows. The contractor will be Hollywood-based Prime Group. Executives with Prime Group were not available for comment.
The next project slated to open is the 145-room The Daytona, a Marriott Autograph Collection hotel, that will have a racing theme. The units will have an upscale, traditional design with spaces ranging from one-bedroom studios to three-bedroom apartments. The exteriors will have typical amenities such as a retention pond with a water feature, club house, running trails and landscaping. Prime Group also is working on the hotel.
During the company’s Jan. 25 earnings call, International Speedway’s CEO Lesa France Kennedy described the entire project as becoming everything it was designed to be. "Several tenants have opened for business and exceeded sales expectations, as they were embraced by the Daytona Beach community," she said, during the call. "The Fairfield Inn & Suites, our joint venture partnership, recently opened with great success. All the rooms have been sold for the Rolex 24 and the Daytona 500 events. We will see more tenants opening throughout early 2018, and expect The Daytona Hotel to open by the end of the year."
In addition, Boerger said the company will renovate a neighboring retail center that will become part of the overall One Daytona experience. Dubbed Shoppes at One Daytona, the future $12 million project will make over and rebrand the existing Volusia Point retail center just a short walk from One Daytona with new building facades, store fronts, signage, parking areas and a connection to One Daytona.
Company leaders said revenue coming in from One Daytona and Shoppes at One Daytona will range from $8 million-$9 million a year. The centers also will help enhance the overall racing experience for fans who visit the track for events by encouraging them to visit before and stay after events, indulging in local restaurants, shops and other entertainment.
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