ISC and Jacoby Partner To Develop One Daytona
A Premier Entertainment, Dining and Retail Destination
DAYTONA BEACH, Fla. – International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) is excited to announce that it has entered in to a 50/50 joint venture (“the Joint Venture”) with Atlanta-based Jacoby Development, Inc. (“Jacoby”) to develop a mixed-use and entertainment destination located directly across from the legendary Daytona International Speedway.
This potential landmark 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 at the doorstep to 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 just steps from the “World Center of Racing.”
Bass Pro Shops®, America’s most popular outdoor store, and Cobb Theatres, the highly respected Southeastern-based exhibitor, 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."
Ms. France Kennedy continued, “This project allows us to continue reinvesting in our community while unlocking the full value of our prime acreage across from Daytona International Speedway. 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,” says 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 calls for ONE DAYTONA to generate 4,200 permanent jobs at full completion. An updated economic study is underway and the results are 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.
About Jacoby Development, Inc.
Jacoby Development, Inc. (www.thejacobygroup.com) is an Atlanta-based real estate development team with a successful track record spanning more than 30 years. JDI has extensive experience managing large-scale brownfield redevelopment projects, structuring complex financial transactions, accessing capital markets, and delivering high quality real estate and energy projects. Founded by Florida-native, Jim Jacoby, the team’s experience includes the successful redevelopment of a former 138-acre steel mill in Midtown Atlanta that became Atlantic Station, one of the largest urban brownfield and mixed-use projects in the country.JDI is currently building Porsche’s North American Headquarters and test track to anchor its Aerotropolis development at the World’s busiest airport in Atlanta and just up the beach from Daytona, previously purchased and completed the reconstruction of historic Marineland of Florida, which reopened in 2006 and recently celebrated its 75th anniversary
About Bass Pro Shops®:
Bass Pro Shops® operates 77 retail stores and Tracker Marine Centers in 26 states and Canada visited by over 120 million people annually. Bass Pro Shops® also conducts an international catalog and internet retailing operation—the American Rod & Gun® wholesale division--which sells to more than 7,000 independently owned retail stores worldwide. Outdoor World® Incentives also sells Bass Pro Shops® gift cards through over 132,000 retail outlets across America. The Bass Pro Shops® restaurant division has 28 locations. The company’s Tracker Marine Group® (www.trackerboats.com) manufactures and sells Tracker®, Nitro®, SunTracker®, Tahoe®, Grizzly® and Mako® boats through Bass Pro Shops® retail stores and over 400 dealers worldwide. The Resort Group (www.bigcedar.com) includes Big Cedar Lodge® and other resort properties including restaurants and golf courses. For more information regarding Bass Pro Shops® store locations, products or special events, please visit www.basspro.com. To request a free catalog, call 1-800-BASS PRO. Follow us on Facebook at http://www.facebook.com/bassproshops.
About Cobb Theatres
Cobb Theatres, based in Birmingham, Ala., is a progressive motion picture exhibitor operating 253 screens at 21 locations throughout the Southeastern United States. We are committed to being the leader in providing the ultimate entertainment experience, while maintaining a rich heritage of family values and integrity. Consistently surpassing our guests’ expectations is a natural outgrowth of our dedication to empowering team members to deliver excellence in guest service. For more information on Cobb Theatres, visit www.cobbtheatres.com.
About International Speedway Corporation
International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation's major motorsports entertainment 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; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York.
The Company also owns and operates Motor Racing Network, the nation's largest independent sports radio network and Americrown Service CorporationSM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. In addition, the Company has a 50 percent interest in the Hollywood Casino at Kansas Speedway. For more information, visit the Company's Web site at www.internationalspeedwaycorporation.com.
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