Daytona Beach, FL – Ground finally breaks on the One Daytona project.
International Speedway Corporation – the parent company of Daytona International Speedway – hired a company to start clearing land earlier this month on a nearly 190-acre property on West International Speedway Boulevard.
Construction on that property – located next to the pedestrian bridge that has the “Welcome to Daytona Beach” sign on it – began November 9th, according to ISC spokeswoman Gentry Baumline-Robinson.
“We expect to begin vertical construction in the spring of 2016 following Speedweeks,” Baumline-Robinson added. “We continue to target 2017 for the opening of Phase I.”
One Daytona is a mixed-use project that eventually could create over 1 million square feet of residential and retail space at that location across from the Speedway.
Phase I – projected to cost around $289 million – is supposed to feature numerous businesses with no presence currently in Volusia County, including Bass Pro Shops and Cobb Theatres. There’s also plans for a full-service Marriott boutique hotel.
ISC reached separate agreements with the Volusia County Council and the Daytona Beach City Commission in 2014 for each government to give $20 million in assistance for the One Daytona project. That $40 million was meant for infrastructure improvements that ISC officials said was needed before One Daytona could be built.
The grant money is meant to fund the construction of at least 50,000 square feet of various public improvements, including roads, parking, plazas and other types of congregation space.
Also as part of the deal, 55% of the restaurant and retail space being created as part of One Daytona must be for businesses that aren’t already present in Volusia County.
The deal specifies that all of the money loaned out could be re-paid by a specially created taxing district if the agreement conditions aren’t met.
Phase I of One Daytona – planned to take up around 70 acres and create around 300,000 square feet of space – is expected to support more than 4,700 construction jobs, adding up to $209 million dollars in wages paid and creating a total local economic impact of $583 million.
Once Phase I is completed, One Daytona is expected to have a total annual economic impact of $369 million while employing more than 3,100 workers and creating another 1,200 permanent jobs.
Renderings above and below of One Daytona are courtesy of ISC.
Copyright 2015 Southern Stone Communications.