California developer under contract to purchase, develop Turf Paradise in Phoenix
The city of Phoenix could see industrial space and single-family and multifamily housing developed on submitted plans.
A company based in Newport Beach, California is looking to renovate the historic Turf Paradise located in north Phoenix.
Axios Phoenix reports that CT Realty has a contract to buy the 252-acre horse racing track, and will redevelop parts of the property as industrial space, data centers, and single-family or multifamily housing. Moon Valley Business Park is the name of the project.
Axios reported that CT Realty was "conducting an extensive due diligence and processing entitlements to redevelop" as well as in talks with various regulatory agencies.
Turf Paradise, a thoroughbred racetrack and quarter horse track located at 19th Avenue & Bell Road in North Phoenix. The track has been operating since 1956.
Turf Paradise is home to a sportsbook. It's not clear if this will be retained in the redevelopment plan. According to plans submitted to Phoenix, the clubhouse could stay on the property.
The Business Journal reported that Turf Paradise was required to pay $155,000 to Horseracing Integrity and Safety Authority. This authority, formed in July 2022, is responsible for promoting a safe environment around horses.
HISA is overseen by the Federal Trade Commission to ensure that a uniform set rules are enforced for thoroughbred races across the country.
Vincent Francia said that the $150,000 is a fee assessed, which is similar to an annual membership, for Turf Paradise to be a part of HISA. The $5,000 fine was for failing to meet certain deadlines including repairs on the rails at the horse tracks.