Post by dalejrfan on Mar 12, 2006 21:06:07 GMT -5
Condo project part of upgrades at Vegas track
LAS VEGAS -- Las Vegas Motor Speedway is joining the building boom in a town where it's said the city bird is a construction crane.
The track's parent company, Speedway Motorsports, announced plans Friday for Trophy Towers, a 127-unit condominium project to be built overlooking the first turn of the 1.5-mile oval.
"I have said many times that I want to make this the greatest speedway in the world," Speedway Motorsports Inc. Chairman Bruton Smith said. "We announced a few weeks ago that we were making major improvements to our infield area and to the racing surface itself. And this is another step in separating this speedway from all others."
Smith said the project would represent more than $100 million of some $300 million in improvements planned at LVMS -- an estimate he noted ruefully was increasing daily.
Don't pay any attention to Trump," Smith said, referring to New York-based real estator developer Donald Trump, who broke ground in July for a luxury hotel-condominium on the Las Vegas Strip. "We believe we have the most fabulous project that can be done."
Other changes include completely redesigning the track, increasing its banking in the turns from 12 degrees to 20, moving pit road 150 feet closer to the grandstands on the front straight and a new garage area with a roof deck for fans.
Las Vegas Mayor Oscar Goodman praised Smith for his vision, which he said could pave the way for a long-sought second Nextel Cup race at the speedway.
"When this is built it takes us to a new level again," Goodman said
Speedway Motorsports already has built condominium projects at Lowe's Motor Speedway in Charlotte, N.C., Atlanta Motor Speedway in Hampton, Ga., and Texas Motor Speedway in Fort Worth.
"The man has been a visionary in this sport," speedway general manager Chris Powell said. "There is no doubt that once Trophy Towers is completed, it will be the talk of the Las Vegas Valley as well as the racing world."
While design of the units remains on the drawing board, they will range in size from about 1,300 to 3,500 square feet with views of both the speedway and the Las Vegas Strip. Other amenities include a parking garage, a pool, a spa and a workout room.
Smith would not disclose an estimated purchase price.
He said work would begin as soon as possible and should be completed within 18 months. Work on the speedway is to begin after Sunday's UAW-DaimlerChrysler 400.
The condo project will require a variance from the county and the approval of the Air Force. The speedway, just west of Nellis Air Force Base, is not zoned for residences because of the military traffic.
"We always have issues to overcome and we will overcome [them]," Smith said.
LAS VEGAS -- Las Vegas Motor Speedway is joining the building boom in a town where it's said the city bird is a construction crane.
The track's parent company, Speedway Motorsports, announced plans Friday for Trophy Towers, a 127-unit condominium project to be built overlooking the first turn of the 1.5-mile oval.
"I have said many times that I want to make this the greatest speedway in the world," Speedway Motorsports Inc. Chairman Bruton Smith said. "We announced a few weeks ago that we were making major improvements to our infield area and to the racing surface itself. And this is another step in separating this speedway from all others."
Smith said the project would represent more than $100 million of some $300 million in improvements planned at LVMS -- an estimate he noted ruefully was increasing daily.
Don't pay any attention to Trump," Smith said, referring to New York-based real estator developer Donald Trump, who broke ground in July for a luxury hotel-condominium on the Las Vegas Strip. "We believe we have the most fabulous project that can be done."
Other changes include completely redesigning the track, increasing its banking in the turns from 12 degrees to 20, moving pit road 150 feet closer to the grandstands on the front straight and a new garage area with a roof deck for fans.
Las Vegas Mayor Oscar Goodman praised Smith for his vision, which he said could pave the way for a long-sought second Nextel Cup race at the speedway.
"When this is built it takes us to a new level again," Goodman said
Speedway Motorsports already has built condominium projects at Lowe's Motor Speedway in Charlotte, N.C., Atlanta Motor Speedway in Hampton, Ga., and Texas Motor Speedway in Fort Worth.
"The man has been a visionary in this sport," speedway general manager Chris Powell said. "There is no doubt that once Trophy Towers is completed, it will be the talk of the Las Vegas Valley as well as the racing world."
While design of the units remains on the drawing board, they will range in size from about 1,300 to 3,500 square feet with views of both the speedway and the Las Vegas Strip. Other amenities include a parking garage, a pool, a spa and a workout room.
Smith would not disclose an estimated purchase price.
He said work would begin as soon as possible and should be completed within 18 months. Work on the speedway is to begin after Sunday's UAW-DaimlerChrysler 400.
The condo project will require a variance from the county and the approval of the Air Force. The speedway, just west of Nellis Air Force Base, is not zoned for residences because of the military traffic.
"We always have issues to overcome and we will overcome [them]," Smith said.