Ownership of Hazel Park in Michigan officially changed hands this past Friday (April 27), and the new ownership group has announced its intention to erect buildings on the premises.
It came as a surprise to both employees and industry insiders on April 5 when Hazel Park locked its doors and announced its closure via notices in windows and social media outlets.
According to an article by Crain’s Detroit Business, New York City-based industrial/warehouse developer Ashley Capital completed the purchase of the track last Friday. The purchase price was not revealed.
The company is planning on erecting a pair of buildings on the property. One is planned to be roughly 600,000 square feet. A specific size for the second building has yet to be released, but it has been noted that a roughly 900,000 square-foot building could also fit there.
It is estimated that it could cost $32.5 million to build the 600,000 square-foot building. Construction is expected to wrap up by May of next year.
The article explains that, in 2017, Ashley Capital built a ‘sprawling commercial warehouse’ on the lands of a former racetrack. The warehouse is now home to operations for Bridgewater Interiors, LG Electronics and Amazon.com.
Hazel Park Raceway first hosted Standardbred racing in 1953. Decades later, the track would go on to host live harness racing exclusively from 1985 to the spring of 2014, after which it solely offered live Thoroughbred racing. Hazel Park had been scheduled to kick off its 2018 live meet on May 4. The closure also means the end of simulcasting at the facility.
(With files from Crain’s Detroit Business)