Jacksonville Business Journal reported that a Midwestern development company plans to transform a former auto racing track that was once destined to be a residential development into a 1.5-million-square-foot industrial park.
Farmington Hills, Mich.-based Schafer Development acquired the 118-acre property on Pecan Park Road near Interstate 95 June 18 for $4 million, according to the Duval County Property Appraiser’s Office.
The developer responsible for another 2 million square feet of industrial space in the Main Street Commerce Park, the New Berlin Commerce Park and the Faye Road Commerce Park in Jacksonville plans to build another 1.5 million square feet at the newly acquired location.
“Our projects are meeting an anticipated demand for space to support commerce in this region,” said Adam Ossipove, vice president of acquisition for Schafer Development. “It’s a win-win for Jacksonville and its future economic vitality.”
The property served as a raceway from 1968-2004. It was sold to Lennar Homes Corp. for residential development but the project was canceled and that started the process of converting the land use back to industrial in 2006.