Palm Beach Raceway site back up for sale

January 18, 2025, 12:48 PM

588 stealth

Hope someone comes up with 30 million to bring it back !!
https://www.loopnet.com/Listin...wwOW9q4czSCjs7gcp2-g

Paging Elon... Elon

January 18, 2025, 01:07 PM

Big Steve

Dont hold your breath.
What happened to the rumors of a new track being built in south Florida?

January 18, 2025, 01:23 PM

TD3550

Ya just more empty warehousing. Just what everyone needs. Investors are are not happy DEAD MONEY. Can't even get lease's People have gotten wise to the antics of rent lease and pricing. Just keep on building them. They will come>>>> SOMEDAY.. Never realized the amount of water within that Plat map.

This message has been edited. Last edited by: TD3550,

January 18, 2025, 02:20 PM

Richard Hammond

quote:
Originally posted by Big Steve:
Dont hold your breath.
What happened to the rumors of a new track being built in south Florida?

As usual those things take time. It's still in the works but local opposition has been fighting the build. As far as palm beach goes this is a good thing. It went from IRG (the people that ruined IHRA) and are now bankrupt and only trying to sell to warehouse developers for upwards of 90 million dollars. Now its up for sale to anyone and everyone as make an offer. It would need a lot of money to bring it back but anything is possible.

January 19, 2025, 05:48 PM

Richard Hammond

SGMP has been hinting on facebook about a possible purchase of PBIR. Fingers crossed on this one.

January 20, 2025, 08:41 AM

undacuva67

no price listed

January 23, 2025, 06:12 AM

fuzzy dice

Someone posted they contacted CBRE about the asking price...it is $75 Mil...I hope it comes back as a drag strip...but...if a developer decides to put a 2.1 million square foot data center on this site they will easily pay 75 mil for the property...very sad...

January 23, 2025, 02:40 PM

Big Steve

Someone would have to really hate money to pay 75 million and keep it as a dragstrip

January 23, 2025, 04:38 PM

Richard Hammond

quote:
Originally posted by fuzzy dice:
Someone posted they contacted CBRE about the asking price...it is $75 Mil...I hope it comes back as a drag strip...but...if a developer decides to put a 2.1 million square foot data center on this site they will easily pay 75 mil for the property...very sad...

I saw that post and I call bullcrap on it. He's claiming that it can't be zoned as a dragstrip Umm it already is zoned as a dragstrip. He then says the last offer was 75 million. Which was the one that they bailed on when the county commission denied the rezoning to build warehouses.

January 26, 2025, 11:00 AM

SlyFox

For it to make any sense as a dragstrip, I'm thinking the price would have to be WELL under $10M - probably more like $5M.

If the IRG a-holes are really bankrupt, I'll drink to that.

January 27, 2025, 08:37 AM

Nim Rod

I've heard that IHRA has made a serious offer on the place in the neighborhood of $11 million.

Memphis and Darlington have also been pursued. Should see something from IHRA about in the next few weeks.

January 28, 2025, 10:25 AM

SlyFox

If you've been to PBIR, I'm not understanding these crazy dollar numbers being thrown around. While it was a great race track, it's basically a swamp, and quite a ways from I-95 and/or the turnpike.

By comparison, I think I heard NHRA sold Atlanta Dragway for around $8 million. I believe Atlanta is on a larger parcel of land, it's solid ground, and less than a mile from I-85. Also, Atlanta is a major transportation and distribution hub.

January 28, 2025, 01:04 PM

Nim Rod

"Atlanta" dragway was an hour from the actual city of Atlanta in Commerce Ga. Not really fair to give it all the accolades of the city of Atlanta when it's nowhere near it.

January 28, 2025, 03:04 PM

Goob

If the property hasn't already passed the EPA transfer inspections, it will never sell, for any price.

January 28, 2025, 03:43 PM

Richard Hammond

quote:
Originally posted by SlyFox:
If you've been to PBIR, I'm not understanding these crazy dollar numbers being thrown around. While it was a great race track, it's basically a swamp, and quite a ways from I-95 and/or the turnpike.

By comparison, I think I heard NHRA sold Atlanta Dragway for around $8 million. I believe Atlanta is on a larger parcel of land, it's solid ground, and less than a mile from I-85. Also, Atlanta is a major transportation and distribution hub.

I'd hardly call 175 acres of racetrack and parking a swamp. I've been going there since the early 80s and seen massive crowds with cars parked all the way down the middle of beeline highway. It still has plenty of potential to be a great facility.

January 29, 2025, 12:09 PM

SlyFox

quote:
If you've been to PBIR, I'm not understanding these crazy dollar numbers being thrown around. While it was a great race track, it's basically a swamp, and quite a ways from I-95 and/or the turnpike.

Richard, YES to it being a great race track, what I'm not seeing is that site as a great commercial site.

January 29, 2025, 03:50 PM

Richard Hammond

quote:
Originally posted by SlyFox:
quote:
If you've been to PBIR, I'm not understanding these crazy dollar numbers being thrown around. While it was a great race track, it's basically a swamp, and quite a ways from I-95 and/or the turnpike.

Richard, YES to it being a great race track, what I'm not seeing is that site as a great commercial site.

The county commission shot down the rezoning to commercial. So warehouses can't be built on that property. That's why it's back up for sale. And the best part of it all is IRG going bankrupt.

January 29, 2025, 05:15 PM

ferndaleflyer

IRG always goes bankrupt as soon as there is nothing else to steal. Welcome to private equity.

January 30, 2025, 02:24 PM

SlyFox

quote:
Originally posted by Richard Hammond:
I've been going there since the early 80s and seen massive crowds with cars parked all the way down the middle of beeline highway. It still has plenty of potential to be a great facility.

I raced there in the early 80's as well. My dad got transferred to Broward County in 1983. It's always been my favorite race track. Just a cool vibe. Fingers crossed it can come back.