After more than seven decades of car racing, the site of the Five Mile Point Speedway in Kirkwood may soon be redeveloped.

The town board this month will consider a proposal to rezone the land that was used for the racetrack.

An affiliate of Equilibrium Equities based near Philadelphia wants to acquire the 41-acre site.

Adam Meinstein of Five Mile Point Warehouse Investors said the plan is to use the property for industrial development. Equilibrium Equities acquired the former Penguin Random House building to the south of the site about eight years ago.

A view of a section of the old Five Mile Point Speedway property on March 3, 2023. (Photo: Bob Joseph/WNBF News)
A view of a section of the old Five Mile Point Speedway property on March 3, 2023. (Photo: Bob Joseph/WNBF News)
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Meinstein told the Kirkwood planning board his company wants to construct two warehouse-type buildings on the site of the old racetrack. He said the facilities could be used for manufacturing or warehousing purposes.

During a planning board session, Meinstein indicated a prospective tenant for the site was seeking 140,000-square-feet of space for an operation that could bring 175 jobs to Kirkwood. The identity of the potential business was not disclosed.

Although some nearby residents have expressed concerns about traffic that might be generated by the new development, town officials have expressed support for it. Many suggested the neighbors might find the use an improvement over the noise generated by car races over the past 72 years.

The final races at Five Mile Point Speedway's quarter-mile track were held in late October.

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Contact WNBF News reporter Bob Joseph: bob@wnbf.com or (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.

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