03-07-2007, 01:13 PM
Saw this in the paper this morning. This track and condo project is getting set up on a big lake about 45 minutes north of Charlotte. Nice Condos w/Garage overlooking track, 60 dedicated days of track, and next to High Rock Lake.
Chris
+++++++++++++++++++++++++++++++++++++++++++
Condos fill need for speed
'Country club' track offers place for car enthusiasts to satisfy that urge
DOUG SMITH
dougsmith@charlotteobserver.com
The "country club" racetrack -- a hot trend in amateur motor sports -- has made its way to the Charlotte area.
High Rock Raceway, proposed 45 miles north of Charlotte along Interstate 85 in Spencer, would include a road course, a clubhouse, single-family lots and -- get this -- 120 condos with living space atop climate-controlled garages.
Memberships would be for sale, similar to a private golf club.
Condo buyers would get full equity membership in High Rock Race Club and have exclusive use of the track 60 days a year.
Condo prices -- including memberships -- start at $225,000. The owners believe that's just part of the 200-acre project's potential to be a Next Big Thing.
They envision the track being used at various times for driver training, automotive testing, corporate entertainment and possibly sanctioned races.
High Rock Properties LLC wants to open the 2.25-mile road course by early next year, pending town approval, and finish at least half the track-side condos by summer 2008.
The developers, who have been working with Spencer for about two years, have started demolishing an old mill on the site and hired design and construction contractors. Buyers have reserved 21 condos.
Veteran Charlotte sports marketer Max Muhleman believes the track could appeal to a wider market, perhaps attracting sponsors who would rent it for special events.
"I admire the concept and the courage of the developers," he said. "If they can make the math work, if their costs can be retrieved, I can see where they can operate it at a steady cash flow."
Owners of high-performance cars and motorcycles seeking weekend or after-hours playgrounds are helping fuel the market for country club tracks.
At Virginia International Raceway near Danville, enthusiasts can drive their BMWs, Porsches and Ferraris and enjoy a 27-room hotel, pool and restored plantation house.
In Texas, developers have announced plans for Racers Ranch, a 1,200-acre Dallas-area haven for car buffs. In addition to a 3.4-mile track, it would include 5-acre home lots, a clubhouse, a kart track, a fitness center, an equestrian center and hiking and riding trails.
Just like hunters and fishermen, car enthusiasts are searching for places to get their thrills, Muhleman said.
"Some people are hunting quail, and some people are hunting speed," he said. "They have to go to lengths these days to do those things."
Country club track owners say NASCAR racing's popularity also is helping boost business.
And being in the heart of NASCAR country is a plus.
In fact, chief executive David Risdon said the idea for the track emerged after conversations with racing industry people in the Mooresville area.
Risdon said he and business partner Frank McGuire acquired the acreage, which includes the old Color-Tex textile mill, in 2001 with plans to re-sell it.
But encouraged by auto industry and racing community enthusiasm for a road course, they decided to try developing the property themselves.
"There isn't a dedicated road course in North Carolina, except in the middle of Lowe's Motor Speedway, and almost every state has one," Risdon said.
McGuire lives at High Rock Lake, and Risdon, a former investment banker, moved from Boston.
"I had no idea it would take this long," he said.
Construction of the track is expected to cost about $7 million. The developers estimated the value of the condos at $32 million to $34 million.
High Rock Raceway volunteered its 200 acres for annexation to 3,400-population Spencer, whose zoning board of adjustment will decide on a conditional use permit.
The town earlier approved the raceway's design, but officials asked Risdon to withdraw the application and reapply after complaints that public notification requirements weren't met and the information was incomplete.
Risdon said High Rock plans to reapply in mid-March, in which case a public hearing could occur as soon as April.
The Trading Ford Historic District Preservation Association is challenging the project claiming that it could destroy a key Civil War battlefield.
Town Manager Larry Smith said, "The last bit of information we got is the state has not recognized any of that as having historic value."
Risdon said that's what his research shows, too.
Smith said the planning board conducted a study of country club racetracks nationwide and found that they can be successful economic generators, attracting retail and support industries.
As for High Rock Raceway, he said, "We have to see the specific plan that is being requested before we jump on board."
Project Overview
• The track: 2.25 mile, 12-turn road course with 10 rolling elevation changes from 30 to 60 feet.• Racing facility: 6-acre asphalt-paved paddock with 5,000-square-foot control, timing, scoring, media, emergency treatment, classroom complex.
• Condos: 120 units initially, 24 feet by 25 feet, fully finished, climate-controlled garages with 12-foot ceilings and optional hydraulic lifts. Living spaces upstairs are 25 feet by 32 feet with 10-foot ceilings. Units have full-length windows, open-air decks overlooking track, covered observation decks.
Space is available for about 50 more condos.
• Corporate sponsor facility/showroom: three-story, 9,000 square feet to be built after track is finished. It includes a 3,000 square-foot member clubhouse.
• Hidden Cove homes: 20 three-fourths acre, single-family lots on a bluff overlooking the Yadkin River. Homes will have boat access.
• Retail village: a 400,000 square-foot finishing plant is being demolished on the site, but a warehouse, machine shop, guardhouse and garage will be preserved and possibly converted for shops and services.
Brick and concrete debris from mill demolition will be used in the track's base.
How It Works
Track-side condo owners would receive a club membership with the purchase of a unit.
For others, memberships likely would be priced in the $25,000 to $35,000 range.
Members would pay annual dues of about $3,000. For condo buyers, dues would be covered for the first year.
Members would enjoy exclusive use of the track on 60 prescheduled days during which they can run hot laps and enjoy the clubhouse with families and guests.
Spacing of cars would be controlled and no side-by-side driving would be allowed.
The developers don't expect members to occupy their condos full time.
Development Team
Developer: High Rock Properties.
Track designer: Elliott Forbes-Robinson, veteran sports-car driver and instructor.
Site planner: Grey Engineering.
Contractor: Smith & Sons Construction will build the condos. Owners are in negotiations with a track contractor.
Demolition: FC Development LLC.
Sales: CD Realty, Fort Mill, S.C., broker Dallas Jamison.
Info: www.racehighrock.com.
Chris
+++++++++++++++++++++++++++++++++++++++++++
Condos fill need for speed
'Country club' track offers place for car enthusiasts to satisfy that urge
DOUG SMITH
dougsmith@charlotteobserver.com
The "country club" racetrack -- a hot trend in amateur motor sports -- has made its way to the Charlotte area.
High Rock Raceway, proposed 45 miles north of Charlotte along Interstate 85 in Spencer, would include a road course, a clubhouse, single-family lots and -- get this -- 120 condos with living space atop climate-controlled garages.
Memberships would be for sale, similar to a private golf club.
Condo buyers would get full equity membership in High Rock Race Club and have exclusive use of the track 60 days a year.
Condo prices -- including memberships -- start at $225,000. The owners believe that's just part of the 200-acre project's potential to be a Next Big Thing.
They envision the track being used at various times for driver training, automotive testing, corporate entertainment and possibly sanctioned races.
High Rock Properties LLC wants to open the 2.25-mile road course by early next year, pending town approval, and finish at least half the track-side condos by summer 2008.
The developers, who have been working with Spencer for about two years, have started demolishing an old mill on the site and hired design and construction contractors. Buyers have reserved 21 condos.
Veteran Charlotte sports marketer Max Muhleman believes the track could appeal to a wider market, perhaps attracting sponsors who would rent it for special events.
"I admire the concept and the courage of the developers," he said. "If they can make the math work, if their costs can be retrieved, I can see where they can operate it at a steady cash flow."
Owners of high-performance cars and motorcycles seeking weekend or after-hours playgrounds are helping fuel the market for country club tracks.
At Virginia International Raceway near Danville, enthusiasts can drive their BMWs, Porsches and Ferraris and enjoy a 27-room hotel, pool and restored plantation house.
In Texas, developers have announced plans for Racers Ranch, a 1,200-acre Dallas-area haven for car buffs. In addition to a 3.4-mile track, it would include 5-acre home lots, a clubhouse, a kart track, a fitness center, an equestrian center and hiking and riding trails.
Just like hunters and fishermen, car enthusiasts are searching for places to get their thrills, Muhleman said.
"Some people are hunting quail, and some people are hunting speed," he said. "They have to go to lengths these days to do those things."
Country club track owners say NASCAR racing's popularity also is helping boost business.
And being in the heart of NASCAR country is a plus.
In fact, chief executive David Risdon said the idea for the track emerged after conversations with racing industry people in the Mooresville area.
Risdon said he and business partner Frank McGuire acquired the acreage, which includes the old Color-Tex textile mill, in 2001 with plans to re-sell it.
But encouraged by auto industry and racing community enthusiasm for a road course, they decided to try developing the property themselves.
"There isn't a dedicated road course in North Carolina, except in the middle of Lowe's Motor Speedway, and almost every state has one," Risdon said.
McGuire lives at High Rock Lake, and Risdon, a former investment banker, moved from Boston.
"I had no idea it would take this long," he said.
Construction of the track is expected to cost about $7 million. The developers estimated the value of the condos at $32 million to $34 million.
High Rock Raceway volunteered its 200 acres for annexation to 3,400-population Spencer, whose zoning board of adjustment will decide on a conditional use permit.
The town earlier approved the raceway's design, but officials asked Risdon to withdraw the application and reapply after complaints that public notification requirements weren't met and the information was incomplete.
Risdon said High Rock plans to reapply in mid-March, in which case a public hearing could occur as soon as April.
The Trading Ford Historic District Preservation Association is challenging the project claiming that it could destroy a key Civil War battlefield.
Town Manager Larry Smith said, "The last bit of information we got is the state has not recognized any of that as having historic value."
Risdon said that's what his research shows, too.
Smith said the planning board conducted a study of country club racetracks nationwide and found that they can be successful economic generators, attracting retail and support industries.
As for High Rock Raceway, he said, "We have to see the specific plan that is being requested before we jump on board."
Project Overview
• The track: 2.25 mile, 12-turn road course with 10 rolling elevation changes from 30 to 60 feet.• Racing facility: 6-acre asphalt-paved paddock with 5,000-square-foot control, timing, scoring, media, emergency treatment, classroom complex.
• Condos: 120 units initially, 24 feet by 25 feet, fully finished, climate-controlled garages with 12-foot ceilings and optional hydraulic lifts. Living spaces upstairs are 25 feet by 32 feet with 10-foot ceilings. Units have full-length windows, open-air decks overlooking track, covered observation decks.
Space is available for about 50 more condos.
• Corporate sponsor facility/showroom: three-story, 9,000 square feet to be built after track is finished. It includes a 3,000 square-foot member clubhouse.
• Hidden Cove homes: 20 three-fourths acre, single-family lots on a bluff overlooking the Yadkin River. Homes will have boat access.
• Retail village: a 400,000 square-foot finishing plant is being demolished on the site, but a warehouse, machine shop, guardhouse and garage will be preserved and possibly converted for shops and services.
Brick and concrete debris from mill demolition will be used in the track's base.
How It Works
Track-side condo owners would receive a club membership with the purchase of a unit.
For others, memberships likely would be priced in the $25,000 to $35,000 range.
Members would pay annual dues of about $3,000. For condo buyers, dues would be covered for the first year.
Members would enjoy exclusive use of the track on 60 prescheduled days during which they can run hot laps and enjoy the clubhouse with families and guests.
Spacing of cars would be controlled and no side-by-side driving would be allowed.
The developers don't expect members to occupy their condos full time.
Development Team
Developer: High Rock Properties.
Track designer: Elliott Forbes-Robinson, veteran sports-car driver and instructor.
Site planner: Grey Engineering.
Contractor: Smith & Sons Construction will build the condos. Owners are in negotiations with a track contractor.
Demolition: FC Development LLC.
Sales: CD Realty, Fort Mill, S.C., broker Dallas Jamison.
Info: www.racehighrock.com.
