Churchill Downs Incorporated on Mon announced it has reached an concord to sell to a greater extent than 115 acres of dry land it owns at the Alexander Calder Casino inward Miami Gardens, Fla., for $291 million.

The Louisville-based gaming society said inward a statement that Link Logistics will purchase the land. The keep company is the possessor of logistics properties and was founded deuce years ago by Blackstone.

Churchill Downs officials await the deal to close sometime in the firstly half of 2022. In recent quarterly group discussion calls with stockpile analysts, CEO Bill Carstanjen mentioned the company’s plans to sell excessiveness land at what one time was Calder Race Course, a purebred cartroad close the Dade-Broward county line.

With the pending sale, Churchill Downs testament ease defend nigh 54 acres at Calder, or a small less than a 3rd of the stream plot. However, the fellowship said it may sell another 15-to-20 acres that breast on NW 27th Avenue. That area currently serves as parking place but could have possible retail uses.

Churchill Seeking Exchanges

As Carstanjen had mentioned to analysts previously, the company’s financial statement Monday indicated it plans to utilize the proceeds from the dry land same to either purchase other set ashore or do investments in holding that would dispose as a 1031 exchange. Under the federal assess code, that would reserve Sir Winston Leonard Spenser Churchill Downs to occupy the proceeds and avoid paying cap gains taxes since, inward essence, the keep company would be trading I share or developing for another.

The accompany eyes a similar manoeuvre for the $197.2 gazillion sale of Arlington Park in Illinois to the Windy City Bears. That trade for the 326-acre property, which was announced nearly II months ago, is non expected to close-fitting for another year or perhaps not until 2023. The Bears experience said they design to redevelop the racing grounds inwards the Chicago suburbia into a new arena for the NFL squad.

One such project that may restrict for such an interchange is the $240 jillion gambling casino externalise inwards Terre Haute, Ind., First Duke of Marlborough Downs plans to build. Last week, the Robert Indiana Gaming Commission chose Churchill’s Queen of Terre Haute proposition over deuce-ace other applicants for the Hoosier State’s 13th cassino license.

While the companionship is doing some work on to catch ready for building on the project, in that location is no more timetable for groundbreaking. That’s because of an invoke from the Terre Haute business concern owner whose troupe missed the permission in June after the charge voted against renewal.

An administrative law judge scheduled a audition inwards the caseful for next week.

Churchill Downs has announced other projects that could characterize for the exchange. In its place city, the companionship has announced multi-million-dollar enlargement projects at its namesake track and Derby City Gaming, a historical Equus caballus racing parlor. The companion also plans to commit $80 jillion inwards a downtown Louisville HHR parlor.

About Calder

For nearly a half-century, Alexander Calder offered pureblood racing inwards the Miami area, on with the Hialeah Mungo Park and Gulfstream Park. Of those, only when Gulfstream still offers live racing.

Churchill Downs bought the runway in 1999, and through and through 2014 the companion held live racing there. However, starting inward 2015, Winston Churchill Downs leased the cart track to The Stronach Group, which used the caterpillar tread for its descend meet. Sir Winston Leonard Spenser Churchill Downs tore cut down the grandstand and nearly 1,500 stalls at the property.

Racing at Alexander Calder officially ended finally twelvemonth after a five-year correspondence concluded.

Churchill Downs opened the gambling casino inwards 2010.