International Speedway and Casto Lifestyles Properties Announce Plans for Mixed-Use Development in Daytona Beach, Florida
May 19 2005 - 5:12PM
PR Newswire (US)
International Speedway and Casto Lifestyles Properties Announce
Plans for Mixed-Use Development in Daytona Beach, Florida ~
Initiates Study to Analyze Feasibility of Retail, Entertainment,
Office and Residential Project Near Daytona International Speedway
~ DAYTONA BEACH, Fla., May 19 /PRNewswire-FirstCall/ --
International Speedway Corporation (NASDAQ:ISCA) (OTC:ISCB)
(BULLETIN BOARD: ISCB) ("ISC") today announced it has entered into
an agreement with Casto Lifestyle Properties, L.P. ("Casto") to
pursue a joint venture for the development of a commercial
mixed-use shopping center project on approximately 50 acres
currently owned by ISC. Located directly across U.S. Highway 92
from Daytona International Speedway in Daytona Beach, Florida, the
acreage currently includes several office buildings that house the
corporate headquarters and certain related operations of ISC and
NASCAR, as well as a limited number of other tenants. (Photo:
http://www.newscom.com/cgi-bin/prnh/20050519/FLTH020 ) The project
is estimated to be constructed at a cost in excess of $75 million
and would be comprised of retail, entertainment, office and
residential components designed to complement surrounding
commercial developments by offering unique options for consumers.
Cobb Theatres of Birmingham, Alabama, plans to build an 18-screen
megaplex theater as part of the project, the largest in Volusia
County, featuring stadium seating and state-of-the-art projection
and audio systems to maximize the movie-going experience. The
concept for the development is based on the successful Winter Park
Village lifestyle project located in Winter Park, Florida, that was
developed by Casto and opened in 2001. Loft apartments above street
front stores, offices, specialty and convenience retail, and
restaurant and entertainment venues are effectively combined to
create an urban village environment attractive to both local
residents and tourists. "Driven by the continued growth of Daytona
Beach and surrounding areas, we view this development as an
opportunity to reinvest in the local community and unlock the full
value of this prime acreage located across the street from the
world-famous Daytona International Speedway," commented Lesa France
Kennedy, President of ISC. "We are pleased to explore this prospect
with Casto, who leverages more than 70 years' experience in the
real estate industry and would have primary responsibility for the
project's leasing and property management. And, while we are only
in the beginning stages of the process, we look forward to working
closely with Casto and the local community as we explore the design
of a development that is well-suited and provides significant
economic benefits for the area." Next steps for the project include
a detailed feasibility study in which a number of key issues will
be addressed. In addition, a formal outreach program will be
initiated, including detailed discussions with local officials and
business groups, current tenants, neighboring developments and
others. Provided the results of the feasibility study are favorable
and appropriate leasing considerations are attained, the Company
expects to move forward with the project within the next six to 12
months. The project has tremendous potential, according to Brett
Hutchens, President and CEO of Casto Lifestyle Properties. "Our
company has been looking at various sites in the Daytona market for
the last several years," said Hutchens, "but to have the chance to
develop a regional mixed-use project at such a dynamic location
represents an exceptional opportunity. Volusia County and the
neighboring markets represent a significant trade area, and the
excellent access to this site from I-95 will allow us to draw from
a very large area. The incremental effect of tourism in the area
and the multiple event weeks at the Daytona International Speedway
makes this a site and project with tremendous potential. Hutchens
added, "We are honored to be selected as the developer for this
high profile project and we are looking forward to working with
Lesa France Kennedy and the ISC team to create a project that
defines success." International Speedway Corporation is a leading
promoter of motorsports activities in the United States, currently
promoting more than 100 events annually. The Company owns and/or
operates 11 of the nation's major motorsports facilities, including
Daytona International Speedway in Florida (home of the Daytona
500); Talladega Superspeedway in Alabama; Michigan International
Speedway located outside Detroit; Richmond International Raceway in
Virginia; California Speedway near Los Angeles; Kansas Speedway in
Kansas City, Kansas; Phoenix International Raceway in Arizona;
Homestead-Miami Speedway in Florida; Martinsville Speedway in
Virginia; Darlington Raceway in South Carolina; and Watkins Glen
International in New York. Other track ownership includes an
indirect 37.5% interest in Raceway Associates, LLC, which owns and
operates Chicagoland Speedway and Route 66 Raceway near Chicago,
Illinois. The Company also owns and operates MRN Radio, the
nation's largest independent sports radio network; DAYTONA USA, the
"Ultimate Motorsports Attraction" in Daytona Beach, Florida, the
official attraction of NASCAR; and subsidiaries which provide
catering services, food and beverage concessions, and produce and
market motorsports-related merchandise under the trade name
"Americrown." For more information, visit the Company's Web site at
http://www.iscmotorsports.com/ . Sarasota, Florida-based Casto
Lifestyle Properties, L.P. specializes in the construction of
mixed-use lifestyle centers. Current projects include the firm's
redevelopment of the 524,000-square-foot Winter Park Village in
Winter Park, Florida; One Hundred Central, in downtown Sarasota;
Main Street at Lakewood Ranch, a 170,000-square-foot lifestyle
center development located in the heart of the 28,000-acre Lakewood
Ranch project; and Lakeside Village, a 500,000-square-foot
mixed-use lifestyle center planned for south of Lakeland, FL.
Statements made in this release that express the Company's or
management's beliefs or expectations and which are not historical
facts or which are applied prospectively are forward-looking
statements. It is important to note that the Company's actual
results could differ materially from those contained in or implied
by such forward-looking statements. The Company's results could be
impacted by risk factors, including, but not limited to, weather
surrounding racing events, government regulations, economic
conditions, consumer and corporate spending, military actions, air
travel and national or local catastrophic events. Additional
information concerning factors that could cause actual results to
differ materially from those in the forward- looking statements is
contained from time to time in the Company's SEC filings including,
but not limited to, the 10-K and subsequent 10-Qs. Copies of those
filings are available from the Company and the SEC. The Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be needed to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by International Speedway
or any other person that the events or circumstances described in
such statement are material.
http://www.newscom.com/cgi-bin/prnh/20050519/FLTH020
http://photoarchive.ap.org/ DATASOURCE: International Speedway
Corporation CONTACT: John Graham, Vice President, Business Affairs
and Corporate Communications, +1-386-947-6810, or Wes Harris,
Senior Director, Investor Relations, +1-386-947-6465, both of
International Speedway Corporation; or Brett Hutchens, President,
+1-941-552-2715, or Paul Kesman, Principal, Identity Marketing
& PR, +1-248-258-2333, both of Casto Lifestyle Properties, L.P.
Web site: http://www.iscmotorsports.com/
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