From the Cherry Hill Courier Post:
Road to Millville raceway hasn’t been an easy one
Assembling the pieces — land, financing, environmental challenges and investors — for Thunderbolt Raceway, an upscale, multifaceted $100-million motorsports park, has not been easy.
Two weeks ago the Federal Aviation Administration dropped the final piece into place by giving the city clearance to develop 139 key acres. Though the city owned the land, the FAA had claimed jurisdiction for years because of the Millville general aviation airport, said FAA spokesman Jim Peters.
Now the city is free to sell all 707 acres, where the raceway will be located, to a trio of investors for $3.7 million, which equates to about $5,200 an acre. The park will feature tracks for cars, go carts and off-road vehicles.
Officials said $400,000 condos will also be available. The investors and master developers are Lee Brahin of Cherry Hill, Joe Savaro of Blue Bell, Pa., and Harvey Siegel of New York, all schooled in shopping center real estate.
Siegel recently restored the Virginia International Raceway in Danville.
“That’s the model for Thunderbolt. It’s the most gorgeous facility I’ve ever seen. It looks like a national park,” said Donald Ayres, Millville’s economic development director.
Thunderbolt will have a 4.1-mile road course, a 3/4-mile oval track, teaching facilities for student drivers, a hotel and conference center and condos.