ISC executives put the estimated cost of the plan at $250 million, with ISC and Cordish contributing an equal amount. As of now, the preliminary conceptual design features a 200,000-sf mixed-use area with retail, dining and entertainment; a 2,500-seat multi-screen movie theater; a 160-room hotel; and a residential component. In future plans, Daytona Live could also include about 200,000 sf of office for the headquarters of Nascar, ISC, Grand-Am and their related businesses, as well as 22,000 sf of office for other tenants.

Final design plans, with results from local market studies and project analysis, will be completed over the next several months. An ISC statement adds that, "if the results are favorable, ISC and Cordish expect to begin the permitting process over the next several weeks and are hopeful to receive all necessary approvals in the next 12 months."

"We're thrilled to partner with such an experienced and renowned developer to explore this important opportunity," ISC president Lesa France Kennedy says in a statement. "Cordish has seen tremendous success in other similarly styled developments across the country, and they bring a wealth of knowledge to our project. It is our hope that Daytona Live will serve as a new gateway to our community, creating an exciting entertainment center that will become an attractive year-round destination for tourists and area residents."