Nazareth Speedway land deal collapses

The former Nazareth Speedway site is again for sale after a group led by Ashley Development Corp. of Bethlehem defaulted on its purchase option, according to the property's owners.

International Speedway Corp. of Daytona Beach, Fla., terminated Ashley's agreement to buy the 158-acre tract near Routes 191 and 248 in Lower Nazareth on Oct. 9.

Lennie Santiago, a spokesman for the company, said developers defaulted on terms of the $18.8 million sale agreed to in March 2006. He declined to specify conditions that were not met.
Ashley President Lou Pektor was not immediately available for comment.

Santiago said the property's price, originally set at $19 million, is now flexible, depending on real estate market conditions.

''We think it's an attractive property and hope to complete a sale in fiscal 2008, which is probably the end of next year,'' he said.

Township Supervisor Chairman Alan Dilsaver said he is confident another buyer will surface, but isn't sure what a developer may propose.

''We're always concerned about how property is utilized,'' Dilsaver said. ''It depends on the [real estate] environment. Housing starts aren't going too well right now. It's a prime location, but I don't know if the going price is inflated given current conditions.'' The Morning Call