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Cornelius News

Waltrip RaceWorld may be subdivided to accelerate sale

​Oct. 12. ​By Dave Vieser​. ​After trying unsuccessfully to sell the Michael Waltrip RaceWorld complex on Liverpool Parkway, Michael Waltrip is now looking for town approval to subdivide the 11.5 acres into two parcels resulting in one building on each parcel. The request was discussed in public for the first time at the town’s Pre Development Review Committee Oct​.​10 meeting.

​Separately, the two properties are listed at a total of $12.64 million. Together, however, the price on loopnet.com is undisclosed.​

The building ​facing the Post Office ​originally housed ​the late, lamented Movies at the Lake, while the smaller rear building was once a skating rink. A deed restriction prevents the property from being reused as a cineplex.

The entire site was purchased by Waltrip and made into Michael Waltrip RaceWorld in 2007. At its peak, the business employed over 200 workers. Waltrip closed for business the day after the final race of the 2015 NASCAR season.​

“If we can sub divide the property, it would make it easier to sell,” said John Cashion, Managing Director of Charlotte based JLL commercial real estate services. Cashion appeared on behalf of Waltrip. “In fact, we already have major interest in the rear building from a well known gymnastic company.”

Planning Director Wayne Herron said the town’s major concern would be the larger front building and the traffic it might generate. “We’ll be discussing this with our town attorneys and the outcome will determine, in part, what our staff recommendations will be on this sub division request.”

Reaction from the committee was generally positive. Mayor Pro Tem Woody Washam “saw no major problems” with the request and Commissioner Dave Gilroy said “lets be as helpful as we can.”

In 2015, some observers, including billionaire investor Rob Kaufman, who owned a chunk of Michael Waltrip RaceWorld, said that the best use for the property would be for a housing development. However town officials favor commercial or office development.