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Ex-Racetrack to Become Business Park

JACKSONVILLE, FL-Schafer Development plans to build 1.5 million sf ofindustrial space.

By Carl Cronan | Updated on June 30, 2008

(Carl Cronan is editor of Real Estate Florida.)

JACKSONVILLE, FL-Schafer Development LLC says it plans to build 1.5 million sf of industrial space on the site of a defunct auto racing track at Interstate 95 and Pecan Park Road. The Farmington Hills, MI-based company says it closed on the property Monday but did not disclose the price.

The former racetrack, most recently owned by a partnership between Lennar Homes and GMAC, was marked for residential development in recent years before the national housing market downturn stalled those plans. In its heyday from 1968 until 2004, the track attracted crowds under the names Gator Speedway, New Jacksonville Speedway and Jax Dragstrip.

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