PBIR Update

[Notch1320]

Palm Beach International Raceway: Portman Industrial’s warehouse plan spins out - OnGardens

Palm Beach International Raceway back on the market after owner ends contract with warehouse-builder Portman Industrial.

ongardens.org

 

[Notch1320]

Sale of Palm Beach International Raceway hits a roadblock

The company that agreed to buy the track, Portman Industrial, has withdrawn permit applications with state agencies, indicating the sale is off.

www.wpbf.com

 

[HEMI6point1]

Bob, any news on the track that is supposed to be built close by in Martin county? Someone mentioned on Facebook that the process fell through but their website is still up, so I don't know what to think.

 

[Notch1320]

In my opinion the proposed track in Martin County is a pipe dream. I find it hard to believe that the folks behind the track have the financing & expertise to build a track from the ground up. They'd be better off going to IRG and making an offer to buy what's left of PBIR.

 

[.]

I understand the value of the race track property is much higher when marketed (and zoned) as a future warehouse build site, than it is as a race track..... I also understand that anyone looking to buy an existing race track typically can not afford to pay "warehouse build site" prices.... However, I still find it funny that IRG is arrogant enough to put out the statement below. As if they have control over how the land is used AFTER it's sold to a new owner. lol.

“We want to be clear that the future of the property remains the same: it will be developed for logistics and distribution use, with a process underway to choose a new developer,” a spokesman for IRG emailed OnGardens.org. “The track is closed and will not be reopening.”

Unless IRG builds their own warehouse complex on that site, and THEN sells the property to someone else, how can they be so sure how the land will be used?

 

[Nunz]

So if someone willing to pay the price they’re looking for, wanted to keep it a racetrack, they couldn’t? Hard to believe IRG would have any say, and, why would they care at that point?

 

[.]

So if someone willing to pay the price they’re looking for, wanted to keep it a racetrack, they couldn’t? Hard to believe IRG would have any say, and, why would they care at that point?

Unless there is some sort of "no race track" clause included in the purchase contract that the buyer agrees to before buying, then I assume IRG figures their asking price pretty much eliminates buyers interested in keeping it a race track. However, there are people in this world that could afford to buy that property, even at the "warehouse build site" asking price, and yet decide to keep it a race track.... These people DO exist, which is why I thought the IRG statement was arrogant.... you never know who is interested and/or how much money they have. Unfortunately, anyone who can afford to buy that property and pay "warehouse build site" pricing got to that point in their life by making smart decisions...... and buying a race track in 2022, especially at elevated pricing, is probably NOT a "smart decision". The likelihood of a smart business person buying that property and keeping it a race track is very slim..... It's possible, but not probable.

They plan to control what happens on that site based on their asking price....

 

[Notch1320]

IRG has raised the price of the property since the Portman deal fell through, rumor is that it's now 80 million.