Monday, December 29, 2014

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Austin

F1 land deals could spike after 1st race

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TWC News: Business Now: F1 land deals could spike after 1st race
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Land deals around the Formula One race track have been slow.

According to the Austin Business Journal, people are taking a wait and see approach with regards to land investments since the track has a history of being on and off again.

A retired police officer and business woman own about 16 acres next to Turns 10 and 11 of the track. The land has an appraised value of $190,000, but they have it listed for $8.5 million.

“They think a company like the Four Seasons will come there and build a big huge resort right next to this race track,” Pope said.

Expect more land deals being made after the full racing experience in November. Learn more in this edition of “Business Now.”

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