A 676-acre parcel of land on Staten Island, once destined to become a racetrack, has sold to Staten Island Marine Development for $80 million, Crain’s reported.
The site, sold by International Speedway Corporation, will instead become a commercial development, according to an announcement from the Staten Island Borough President’s office cited by Crain’s. International Speedway purchased the site for $100 million in 2004, but scrapped plans to build an 82,000-seat racetrack in the face of community opposition.
The company could not be reached by Crain’s for comment.
The location next to Staten Island’s Bloomfield neighborhood, on the island’s west shore, is in close proximity to the Staten Island and West Shore expressways, making it an appealing commercial spot.
“It’s the only location in New York City that has access to three means of transportation: an interstate highway, a railroad and a waterway,” Staten Island Borough President James Molinaro told Crain’s.
The sale capped off three years of negotiations between Staten Island Marine Development, the New York City Department of Environmental Conservation and the borough president’s office. The result was a compromise between the concerns of preservationists and those who sought to create long-term jobs, according to Molinaro.
The site, which will ultimately include a fully-functioning marine station with a new pier and warehouse, must be raised between 8 and 12 feet prior to development. A chunk of the site — 260 acres — will also be restored as a wetland and preserved as such in perpetuity. [Crain’s] — Julie Strickland