NASCAR Sells Land Surrounding Auto Club Speedway for $543 Million

By: Sharjeel Sohaib

• 

Mar 7, 2023

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NASCAR has reportedly sold land surrounding the Auto Club Speedway in Fontana for a staggering $543 million to Hillwood Development Co., a Dallas-based commercial real estate investor. The exact number of acres sold has not been disclosed. However, the property is spread across 633 acres, including the 2-mile track on which Sunday’s Pala Casino 400 was held. According to sources, the event was NASCAR’s last on the way as the site will be redeveloped. The move comes as NASCAR seeks to find new revenue streams and better utilize its vast acreage across the country.

Hillwood’s Ross Perot Jr. has partnered with NASCAR on other properties, including the Daytona International Speedway. The two are working on a redevelopment project for 200 acres adjacent to the track. However, the company has declined to comment on this transaction.

Land sales will likely provide NASCAR with significant funds to invest in new projects and redevelop other properties. The company has been making strategic investments in recent years to improve the fan experience and bring in new fans.

NASCAR’s Strategic Investments

In recent years, NASCAR has been working on several strategic investments to engage fans better and enhance the racing experience. One of these investments is the Daytona Rising project, a $400 million renovation of the Daytona International Speedway. The project was completed in 2016, and it transformed the speedway into a state-of-the-art facility, complete with upgraded amenities and fan experiences.

NASCAR has also been improving its digital presence to attract younger audiences. In 2018, the company launched the NASCAR Mobile App, which allows fans to access exclusive content, live race updates, and driver stats. The app has been well-received by fans and downloaded over a million times.

Redevelopment Plans for Fontana Property

The redevelopment plans for the Fontana property have not yet been announced. However, Hillwood is known for its expertise in commercial real estate and has developed several large-scale projects across the country. The company is renowned for creating innovative mixed-use developments that include residential, commercial, and entertainment components.

Given Hillwood’s past partnerships with NASCAR and the company’s focus on enhancing the fan experience, the Fontana property may be redeveloped into a multi-use complex that includes a new racing facility and commercial and residential components.

Key Takeaway

NASCAR’s sale of land surrounding the Auto Club Speedway in Fontana for $543 million to Hillwood Development Co. is a significant move for the company. The funds from the sale will provide NASCAR with resources to invest in new projects and redevelop other properties.

In contrast, the redevelopment of the Fontana property could potentially bring in new fans and enhance the racing experience for existing fans. NASCAR’s strategic investments and focus on improving the fan experience will be crucial in the coming years as the company continues to evolve and adapt to changing trends in sports entertainment.

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