Wednesday, August 07, 2013

ISC Announces New ONE DAYTONA Project

International Speedway Corporation announced today that it has entered in to a 50/50 joint venture with Atlanta-based Jacoby Development, Inc. to develop a mixed-use and entertainment destination located directly across from the legendary Daytona International Speedway.  

The development, named ONE DAYTONA, encompasses 181 acres ISC already owns north of International Speedway Boulevard in Daytona Beach, FL.  Near the crossroad of I-95 and I-4, this project is in close proximity to the World’s Most Famous Beach and on the doorstep of the third-largest consumer region in the United States, with approximately 17 million people.  The preliminary conceptual designs for the first phase of ONE DAYTONA include 1.1 million square feet of world-class shopping, fine dining, hotel, theater and other entertainment. 

Bass Pro Shops and Cobb Theatres have both signed letters of intent to anchor ONE DAYTONA. 

"ONE DAYTONA combines the thrill of the legendary Speedway with the pulse of entertainment and the buzz of a premier shopping, leisure and lifestyle experience," said Jim Jacoby, Chairman and Founder of Jacoby Development.  “We believe the ONE DAYTONA address has tremendous potential evidenced by the commitment from Bass Pro Shops and Cobb Theatres, as well as continued strong interest from additional tenants.”  

"Our goal with ONE DAYTONA is to create a vibrant year-round destination that will serve as a new gateway to our hometown,” said ISC’s Chief Executive Officer Lesa France Kennedy.  “We’re thrilled to partner with Jacoby, an experienced and renowned developer, to bring this one-of-a-kind opportunity to Daytona Beach.  We are also proud that Bass Pro Shops and Cobb Theatres plan to anchor ONE DAYTONA.  Their involvement further elevates the reputation of our project and demonstrates the high-caliber entertainment, shopping and dining establishments we plan to attract. 

“This project allows us to continue reinvesting in our community while unlocking the full value of our prime acreage across from Daytona International Speedway,” said France Kennedy. “Combined with the recently launched DAYTONA Rising project at the Speedway, we believe these efforts will strengthen our business while delivering an unprecedented boost to the region’s prosperity for years to come.”

“We are very excited to bring Bass Pro Shops to Daytona Beach and be a part of ONE DAYTONA – a unique, high quality mixed-use and entertainment destination,” stated Johnny Morris, Founder of Bass Pro Shops.  “The area’s long history of outdoor entertainment, along with the highly visible and easily accessible location, make it the perfect place to serve our many customers and outdoor enthusiasts that visit and live in this beautiful part of the country. We also look forward to partnering with the France family and our friends at Daytona International Speedway to promote events for the hundreds of thousands of race fans who also love the outdoors.” 

Cobb Theatres has conducted extensive customer and location research in the Daytona Beach market to extend its presence in the Southeastern and Florida marketplaces.  “ONE DAYTONA is a unique opportunity for Cobb Theatres,” said Jeremy Welman, chief operating officer of the theatre chain. “We’ve been keen on the market for many years. Daytona Beach is at the center of a large trade area. To have the opportunity to do something with the folks at ISC and Jacoby is also a benefit to us. The accompanying renovation of the track along with the addition of ONE DAYTONA will create an amazing destination. There aren’t too many projects around the country where you have that dynamic.” 

ISC’s approved land-use entitlements allow for up to 1.4 million square feet of retail/dining/entertainment area, 2,500 movie theater seats, 660 hotel rooms, 1,350 residential units, 567,000 square feet of additional office space and 500,000 square feet of commercial/industrial space.  

Preliminary economic impact data project that ONE DAYTONA will create 4,200 permanent jobs at full completion.  An updated economic study is underway, with results expected to be released in the fall.  Final designs are being completed and will incorporate the results of market studies, project costs and financing structures.  Assuming favorable results, appropriate leasing considerations and potential local and state support, ISC and Jacoby expect to move forward with ONE DAYTONA within the next six to 12 months.

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