- Oct 27, 2014
Valencia’s street circuit could soon return to use under new ownership, with a plan to regain F1 and alternate it annually with a Formula E race.
The Singapore-based multinational ARC Resorts plans to invest €200 million over the next three years to create a six-star hotel and casino complex in the Spanish docks area where F1 raced from 2008 to 2012, with further plans for a golf and luxury residential estate to create what it calls "the best urban resort in Europe."
High hosting fees coupled with European financial woes led to Valencia dropping off the calendar, with the marina, which also hosted America’s Cup yacht races, now virtually empty. But ARC have already developed complexes in Kazakhstan and Sri Lanka, and it was in Singapore that Marina Bay became a huge tourism centre through the construction of enormous hotels and itself hosting a grand prix.
ARC is reportedly confident it can revive the race, claiming to have “an excellent relationship” with F1 organizers and estimating the cost at €500 million, which revenues from the hotel will “more than justify.”
Given the last race’s relatively short run and Formula E’s new status meaning a much cheaper premium for hosting its races (the series is actually paying local authorities to host the London races in June), it appears smart to try and limit costs this way.
Still, Valencia’s own local government is yet to examine ARC’s proposals, so nothing looks probable just yet, and it remains to be seen whether F1’s parties would agree to sharing a venue with their electric counterparts.
Image courtesy of Pirelli
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