Two developers halt plans near NASCAR hall

In a sign of the faltering economy, two developers have pulled out of land deals that city officials hoped would help pay for the NASCAR Hall of Fame. City staff members say the broken contracts will not hurt the NASCAR hall, however, because of safeguards that ensure it has secure funding and is built on time. They also believe that when the real estate market gets better, the city will have no trouble selling the land. The land deals were on two parcels that will become available once a redesign of the Interstate 277 interchange at South Caldwell Street is complete next year. The city plans to sell a total of five such parcels – about 12 acres – and estimates it will pull in about $60 million from the sales. Some of the money will pay for the road construction, and $20 million is committed to the NASCAR hall. Charlotte Observer