County considers investing in speedway development

4:41 PM, Mar 2, 2014   |    comments
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DAYTONA BEACH, Fla. (AP) - The city of Daytona Beach and Volusia County are considering a $40 million investment that would pave the way for a major development across the street from Daytona International Speedway.

The Daytona News-Journal reports that developers want to build a $289 million project called One Daytona. The development would include shops, restaurants, hotels and residential apartments.

The city and county are considering whether to spend $20 million each in infrastructure improvements to help secure the project.

Developers estimate One Daytona will create more than 7,200 direct jobs and more than 2,100 spin-off jobs while increasing airport traffic by 11,000 passengers a year.  An economic development group projects One Daytona's first phase will bring in $57.6 million in combined tax revenues.

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