Tuesday, March 18, 2008
Developer buys KC International Raceway track
Kansas City Business Journal
The developer of a mixed-use project near Kansas City International Raceway has bought the track and plans eventually to relocate it.
Jabez Territories LLC -- whose subsidiary, Hillside Redevelopment Corp., is developing a $110 million, 141-acre office, residential and retail project where Missouri Highway 350 meets Noland Road -- bought the track March 11 for an undisclosed price, Jabez COO Pete Vegelahn said Tuesday. The sellers were Rob Park and Jeff Martin, both of the Kansas City area, Vegelahn said.
The track, which is outgrowing its current property, would be relocated before the first houses are completed, a benchmark the developer plans to reach in four years, Vegelahn said. Several undisclosed metro-area sites that are "a little more out of the way" are being considered for the new track, which would be expanded into a destination motor sports facility that could include a road course, drifting track and retail, he said.
"We recognize that this area is being developed in such a way that is not compatible with the long-term viability of a dragstrip, so it is our plan to move it within five years and turn the land into a recreational facility," Jabez Chairman John Uhlmann said in a Tuesday release.
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