Chesterfield EDA acquires former speedway property

Chesterfield County will purchase the former Southside Speedway property for $4.5 million, according to a news release from the county’s Economic Development Authority. The county’s board of supervisors approved the transfer of funds for to the EDA for the purchase on June 23.

The nearly 48,000-square-foot property purchase is part of a plan to expand the nearby River City Sportsplex and attract complementary uses along that section of Genito Road. River City Sportsplex draws about 120,000 visitors and $56 million in economic development to the region annually, according to the Chesterfield EDA.

“The River City Sportsplex is a vital tourism asset to the region and the county. The purchase of Southside Speedway presents an opportunity to continue to increase the footprint of the Sportsplex while honoring the history of a beloved local institution,” Clover Hill District Supervisor Chris Winslow said in a statement. “The closure and sale of the speedway presents a chance to continue to support River City as a tourist destination, with the added benefit of spurring additional development in this strategic location in Clover Hill.”

The speedway announced its permanent closure last December, citing the pandemic as the reason. It held races for more than six decades.