STATEN ISLAND — A 676-acre parcel of land that was once slated to be a NASCAR racetrack has been sold for $80 million and will now be split into a commercial development and preserved wetlands.
The International Speedway Corporation announced Monday that it had sold the large Bloomfield property to Staten Island Marine Development, LLC. The International Speedway Corporation had hoped to develop an 80,000-seat racetrack on the site but abandoned the project because of traffic concerns, the Staten Island Advance reported.
About 330 acres of the site will now house a commercial development, and about 260 acres will be reclaimed as freshwater and tidal wetlands, based on an agreement with the New York State Department of Environmental Conservation.
It was unclear how the remaining land would be used. Officials did not immediately return calls for comment.
The sprawling site is located next to the intersection of New York State Route 440 and Interstate 278, near Western Avenue.
"At over 600 acres, this is the largest piece of property in New York City that has all the ideal qualities for a waterfront commercial site — access to a freight railroad system, an interstate highway, and a navigable waterway," Staten Island Borough President James Molinaro said in a statement.
Molinaro added that the new commercial development would provide jobs to Staten Islanders.
“I applaud Governor Cuomo and the NYSDEC for helping Staten Island to develop this piece of commercial land while protecting the environment,” he said.
Staten Island Marine Development did not immediately respond to questions about the nature of the proposed commercial development Tuesday.
Brian K. Wilson, vice president of corporate development at the International Speedway Corporation, released a statement praising the deal.
“We are very pleased to announce this transaction as it has been our intention to find a buyer interested in redeveloping this site to its highest and best use,” Wilson said.
The International Speedway Corporation promotes more than 100 racing events, including the Daytona 500 in Florida.