The partnership has signed an agreement with Conshohocken-based Preferred Real Estate Investments to acquire a 14-acre parcel that now contains a vacant former semiconductor factory. "We expect the transaction to be complete in December," Bhaskar Savani, a principal of Philadelphia-based American Management, tells GlobeSt.com. The "ballpark price for acquisition and demolition at the site, will be in the $3-million to $5-million range."

He estimates the total development cost at "about $27 million, plus-or-minus $5 million. Once we have all the green flags in place," which he estimates will take three months, "we'll finalize the design and architecture. Our hope is to open ahead of the 2008 Olympics, so we can have trials there." The hotel, he adds, "will have a national flag, and we're in negotiations with prospects now." Savani is a member of a family investor group that currently owns a Ramada Inn in Peoria, IL, among other properties.

Locally based Velodrome Management is headed by David Chauner and Jerry Casale, cyclists who founded the Pro Cycling Tour and organized the Commerce Bank Triple Crown and Philadelphia International Cycling Championship races. American Management is providing the financing and will develop the complex, while Velodrome will design and develop the track and operate the complex.