Woah... Pacific Raceways for sale

So much that could happen with this it boggles the mind. Racetracks ARE rare and valuable beasts that share other traits with their counterparts in the animal kingdom, mainly that they have a lot of trouble surviving when encroached upon by civilization.

I sincerely hope that the victory in the incredible zoning battle that cleared the way for the property to become a critical driver for the local economy makes this property too valuable to become just another 300 acres of residential neighborhoods. Technology parks, especially on the scale of this project, take huge investments and commitments from major players in the industry. I think a lot of us will be holding our breath while this works itself out. Pacific Raceways is a classic throwback to a time when racetracks and the very nature of racing was much different than today. I am hoping that I never have to stand in the neighborhood where it once was and try to figure out where the track ran like I have done at Westwood and Riverside .......
 
An interesting turn of events. I certainly hope that the lack of revenues from one event weekend wasn't the $ that broke their bank.

NASCAR's been sniffing around for someone to build them a track in the PNW. I wonder how that would mix with the NHRA boys.

Yep. Sit back with some popcorn and a root beer for this to pan out. I can appreciate the foundation of the Ridge even more than before.
 
Because of the shape of the property, a classic NASCAR oval won't fit on it.

Best that somebody with vision that has some glue buys it and keeps it a classic track with improvements and a motorsports industrial park.
 
Thank goodness IRDC has The Ridge. PR/SIR has been under attack for decades, but this may finally be the end of a great track. I don't see it going to another racing group myself, but let us hope I am wrong. I started paying my 25 bucks and running laps out there in the early 70's, (with not a soul in sight all day, including workers or safety of any kind), then on to Conference, so it would be weird to see it go away.
Strange how pushing yourself and your car as hard as you could at age 24 with no thought to the danger of an off never occured to me. If that had happened they probably wouldn't have found me until the next day, but I 'm sure the ex would have enjoyed the insurance check!
 
That's sorta the way I feel about Riverside, Wes. Did drivers school there and many great laps of racing then, it was gone... sigh.. sad. You don't know what you're missing till it's gone.
 
I still miss Westwood RB, and I always will. Never had an opportunity to see Riverside in person, but the stories from both stock cars and sports cars from there are legendary.
 
Further--

Gleaned from Lawrence Hayes' FB page...


"This just released from Pacific Raceways owner Jason Fioroto:

It’s been a few days now since I announced publicly that Pacific Raceways has been listed for sale. Since Friday, here are some of the main questions that have been asked; let me answer them:

Q: Why is the family selling the track?

A: After 54 years of ownership, we recognize that we have taken the project as far as we could. We have worked tirelessly with King County to set the stage for the next phase of redevelopment that includes the commercial development of property surrounding the racing and testing facilities. The development of projects of this size and scope require a level of resources that the family simply does not have. After exploring options that would have allowed continued ownership interest, we centered on the route that would provide our customers and the region with what they deserve, a first class racing operation paired with a job creating tech campus attracting global leaders in the automotive innovation industry.

Q: Who is the property being marketed to, and for how much?

A: We have contracted with CBRE and CFA (Corporate Finance Associates) to market the opportunity to a local, national, and international list of prospects. We are looking for the right buyer that will come in, take over, and realize the vision held by three generations of my family. We are interested in working with the new buyer(s), if they so desire, to provide management and consulting services to help with the transition and continued operation.

The property is being offered without a list price. We will entertain any offer and envision discussions and, ultimately, negotiations that establish a market price.

Q: Will the property be turned into housing?

A: The property in zoned Industrial, and has legislation that will allow the commercial development of a certain portion of the race track surrounding real estate. Reverting the property back to residential would generally be considered a down-zone and wouldn't realize the return on investment. Economics dictate that the continued operation of the racing business in partnership with developing the commercial real estate is the highest and best use of the property.

Q: Will improvements and upgrades continue with a new buyer?

A: We are very confident that the upgrades and improvements will greatly accelerate with new ownership. One of the main reasons for the sale is the realization that we just don’t have the resources to redevelop the property quickly enough. We believe it is our responsibility to pass the torch to someone that does. Everyone who has supported my family, and the project, deserves us doing whatever it takes to make good on our promises to provide the region with a world-class racing facility capable of re-attracting professional road racing and the job creating, innovation accelerating tech campus planned for the surrounding property.

Q: Is the race track a viable business operation?

A: It is no secret that operating the racing business has been taxing on my families resources. We have fed the operation for 12+ years now. Early on, it became apparent that developing the commercial real estate would be necessary to ensure long term viability. It took over a decade to craft and have passed legislation at King County that entitled the property’s ability to move forward. Now that the legislation is passed, and the State of Washington has designated our project as one of “Project of Statewide Significance”, the financial outlook for the property is extremely favorable. As stated before, it just takes a level of financial resources to develop that we simply don’t have.

I hope that by answering these questions I've been able to dispel some of the myths and rumors that circulate when an announcement of this type is made. I understand the level of concern and appreciate the positive comments. Thank you.

Jason Fiorito"
 
I consider Jason a friend, and an honest man, but I do not feel good about a positive outcome with King county involved.
 
...... You don't know what you're missing till it's gone.

What I meant by that was, Riverside Raceway closed in 1989 to make way for houses and a shopping center. By 1999, the city of Riverside realized just how much worldwide (International) knowledge of Riverside was lost due to the track closing. Sad, sad.. that's when they started trying to find way to bring the track back in some new location. Fifteen years later and still no results. Once they are gone, very tough to bring back.
 
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