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Track might be stuck in park
Published March 28, 2005
ALVIN — Dreams of the Houston Superspeedway opening in Alvin appear to be fading.
Alvin Mayor Andy Reyes met last week with Tom Floyd, chairman and CEO of Star State Investment, the company that planned to build the racetrack on land near CR 51 at FM 1462. Reyes said the company hasn’t been able to come up with the equity the bank wanted for the project.
“He was disappointed in the fact that they haven’t been able to advance any farther,” Reyes said Friday. “To be honest with you, I don’t think they’re going to do it.”
Star State officials couldn’t be reached for comment Friday.
Originally, the plan was to open a 75,000-seat racetrack this year, but the date was repeatedly pushed back. Now, two years after the April 2003 groundbreaking ceremony, construction hasn’t started. About six months ago, developers were optimistic they would be able to secure funding for the $100 million project.
But in December, David Stedman, president of the Economic Development Alliance for Brazoria County, told The Facts that if Star State didn’t put it together by year’s end, they would consider putting together a master-planned community.
Floyd was supposed to address Alvin City Council last Thursday, but he met with Reyes beforehand instead.
“He felt bad that he had let the citizens down,” Reyes said. “They’re still working, but the chances are getting slimmer and slimmer.”
Star State is still looking to develop the property, but the city will have to wait and see if the development will be residential, Reyes said. So far, gravel spread to improve road conditions for the groundbreaking is the only work that has been done at the site.
Brazosport College, which entered an agreement with Star State, had planned to contribute $6 million toward construction of the speedway’s infield facilities, then issue revenue bond to recover the cost when Star State showed sound financing. The college also would teach classes at the site.
“The last we had heard was that they were trying to raise the funds,” said Jerry Hinojosa, Brazosport College’s board president. “If they didn’t go with a racetrack, they’d go with a housing development.”
The college has annexed the property into its taxing district.
If the racetrack doesn’t happen, Hinojosa said, that means the college won’t be providing the $6 million for the project. Then, “we’ll go from there,” he said.
Alvin Councilman Dick Tyson said Star State had planned for a major attraction, something the city would’ve liked.
“We’re still hoping that would happen,” he said. “I don’t know of anything that would be a substitute for that.”
Houston resident Rodney Sterling has been looking forward to the racetrack opening in Alvin. He went to Texas Motor Speedway in Fort Worth the year it opened, and has traveled to Europe for auto races.
“It’s a shame they can’t have something like that here,” Sterling said.
Velda Hunter covers the city of Alvin for The Facts. Contact her at (979) 849-8581.
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