By Jeremy Duda | Axios
The owner of Turf Paradise is negotiating the sale of the historic racetrack to a developer who hopes to continue horse racing on a temporary basis but ultimately plans to redevelop the property.
Driving the news: James Watson, managing partner of CT Realty, which has offices in Dallas and Newport Beach, California, tells Axios Phoenix he’s under contract with Turf Paradise owner Jerry Simms to purchase the property. He intends to “redevelop portions” of the land “with industrial and multi-family uses” pending city approval.
- Neither Simms nor Watson would provide more details of their negotiations due to a confidentiality agreement.
- No sale has been finalized, and it’s unclear when the deal will be completed.
Zoom in: Watson says CT Realty is “conducting extensive due diligence, processing entitlements (to redevelop) and [is] in discussions with a variety of regulatory agencies.”
State of play: Simms, who bought Turf Paradise in 2000, tells Axios Phoenix that owning the track has been a great experience but that after 23 years it’s time to sell.
- “I’d rather spend time with my grandkids,” he says.
The bottom line: If Turf Paradise closes, it’ll be a major blow to the state’s horse racing community, Chuck Coolidge, chair of the Arizona Racing Commission, said.
