The well known Speedway in Nazareth, PA is for sale once again. For those of you that are unfamiliar with the Nazareth Speedway, it used to host the Indy Racing League and CART racing until August, 2004. It then closed in part due to dwindling support. The last race run was the Indy 225, on August 29, 2004. The 1 mile oval track was then put on the market 5 months later by the owners.
The track went under agreement with Ashley Development Corp. in March of 2006. They had agreed to purchase the 158 acre property from International Speedway Corp. of Daytona Beach, Florida for $18.8 million. The developers had proposed to build single family homes, townhouses, condominiums and a 55 and older community along with stores and office spaces. It seems that Ashley Development defaulted on the agreement and International Speedway has put it back on the market. The original listing price was $19 million, but the asking price now will be deterimined by the market conditions. They hope to complete a sale in 2008.
So, if anyone is interested in purchasing prime land in Nazareth, PA, it is available again. It would be nice if they kept it as a race track or an area where they can hold different events, such as country fairs, racing, horse shows, recreational events, etc. Even if they reconstructed the dirt race track that was there years ago, which was quite popular at the time. It would be nice to have more recreational events instead of more stores and development.
Jason:
It seems that the first thing developers build on a large tract of land are shopping malls. How much shopping can a person do? Wouldn't it be nice to have some recreation instead of shopping?
Gary:
That is quite possible. The reason the deal fell through is unknown to the public at this time. I wonder if we will ever know.
Keith:
That was the idea I had when I posted it. I guess we're on the same wavelength.