Jacoby Bought Out of One Daytona Project
Jacoby Development is out as the developer of the One Daytona mega project.
International Speedway Corp reported this week in an SEC filing that it purchased Jacoby's 50% interest in the 1.1M SF mixed-use development connected to the Daytona International Speedway (we first reported here) for an undisclosed sum. In turn, the motorsports entertainment company named RED Legacy as the new developer for One Daytona. “The RED Legacy team is a natural fit for the project, having served as the developer for Legends Outlets Kansas City, a mixed-used retail destination across from our Kansas Speedway,” ISC officials state in docs.
Jacoby's Jim Jacoby says there are no hard feelings between the organizations on ISC's decision. “We got [the project] to a certain point, and they did have the option” to buy us out, Jim says. “It was fine. I have a lot of other things on my plate.” Jacoby Development will remain in a consulting role at the Florida project. We first reported in 2013 on One Daytona, a project that was shepherded by Brian Leary, a mixed-use pioneer who helped Jacoby develop Atlantic Station. Last September, Brian left Jacoby to head up development for Crescent Communities. Jacoby did help land such tenants as Shaner Hotels and Prime Hospitality Group, which is developing a boutique Marriott hotel, as well as Bass Pro Shops and Cobb Theatres to the $800M project so far.