Texas Speedway Set to Close Making Way for Housing Development

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COLLEGE STATION- College Station and Bryan is growing everyday with more than 200,000 people living in the area... and counting.

Texas World Speedway will shutdown in mid-June to make way for a multi-million dollar housing development. CEO Bill Mather is also the housing developer who will convert the 400 acre speedway into driveways and into what will be known as the "Southern Point" community.

"All of our data shows that we don't have enough supply for the demand," says Mather.

As we told you this time last year, racing fans weren't exactly pleased with the plan. "I prefer to see tracks," says Kevin Kovatch. "I think there are a limited number of them and every time one shuts down, it hurts enthusiasts."

The $55 million dollar development will be constructed in five phases to include 1400 homes, a commercial development, nature trails, and space for a new elementary school. The development will be the first municipal utility district, or MUD, in College Station. Developers like Mather will absorb the costs of building the infrastructure, and bonds will be used to reimburse the developers quicker than waiting for the lots to be sold. Mather says, "We are able with our agreement on the MUD and our development agreement with the city of college station to actually allocate these areas roughly 70 acres of nature preserve, walking trail hiking trails and add these amenities that sometimes you just cannot afford as a developer to put in without the tool of the MUD."

Mather hopes to break ground shortly after the track closes in mid-June with the first homeowner possibly moving in by the Summer of 2016.