Chesterfield County Economic Development Authority Acquires Former Southside Speedway Property
Purchase Creates Opportunities for Enhanced Experiences at River City Sportsplex
At its meeting on June 23, 2021, the Chesterfield County Board of Supervisors approved the transfer of $5 million dollars to the Chesterfield County Economic Development Authority (EDA). The funds will be used by the EDA to purchase the former Southside Speedway property at the intersection of Genito Road and Oak Lake Boulevard.
The 47.139-acre property, which consists of three parcels straddling Genito Road, is currently zoned for General Business (C-5) uses. The land purchase is part of a plan to expand the nearby River City Sportsplex and attract complementary uses along that section of Genito Road. The purchase price for the property is $4.5 million.
The strategy is to develop the property to enhance and maximize the experience of visitors and county residents that visit or use River City Sportsplex.
River City Sportsplex is the leading tourist draw in the region, bringing approximately 120,000 visitors and $56 million dollars in economic impact to the region annually.
River City Sportsplex’s 12 synthetic turf fields also get considerable daily use by local sports organizations through affiliations with the county’s Parks and Recreation Department.
“The River City Sportsplex is a vital tourism asset to the region and the county. The purchase of Southside Speedway presents an opportunity to continue to increase the footprint of the Sportsplex while honoring the history of a beloved local institution,” said Clover Hill District Supervisor Chris Winslow. “The closure and sale of the speedway presents a chance to continue to support River City as a tourist destination with the added benefit of spurring additional development in this strategic location in Clover Hill.”
The vision for the property includes a mix of uses that are likely to incorporate public facilities, retail, and services that will be used by visitors to River City Sportsplex as well as residents in the surrounding area.
The EDA will work with the Planning Department, Parks and Recreation, the Planning Commission, and the Board of Supervisors on developing a master plan for the property.
The development plan will strive to be complimentary to “The Lake”, a proposed mixed-use project under development directly across Route 288 from River City Sportsplex.
Throughout the planning, zoning, and redevelopment process there will be numerous opportunities for public participation. Chesterfield’s Planning Department has been deliberating on the creation of a Genito Road Small Area Plan, which would include this property in the geographic scope of the plan. This would be one of the earliest opportunities for public input.
The EDA anticipates this development will be a public-private partnership that will increase the tax base and create jobs. The EDA expects to sell or lease portions of the property to private sector companies, similar to the process used for the successful redevelopment of the former Cloverleaf Mall, now known as Stonebridge.
“The EDA looks forward to the opportunity to work with the Board of Supervisors, the county, and the community to develop this property to its full potential, supporting new taxes and new jobs while continuing to position River City Sportsplex as a top sports tourism destination,” said John Cogbill, Chairman of the Chesterfield Economic Development Authority.
In addition to the purchase of Southside Speedway, the EDA has negotiated a letter of interest with the owners of Chesterfield Auto Parts to redevelop that site as part of the master plan development.
###
