F1: Theme Park back on the Grid in Dubai
Dubai-based Union Properties has finalized plans to build a $163.35-M mixed-use project in Motor City, which includes a theme park, the company’s chairman, Khalid Bin Kalban, told local business website, Arabian Business.
Initial plans by Union Properties for a $544.49-M F1-X Dubai, a theme park dedicated to the F1 car racing competition were put on hold in the aftermath of the global financial crisis.
“The land was allotted to a theme park development, but a feasibility study said the cost would overrun to as much as $544.49-M. We have now redesigned the land usage plan, with 50% of the land allotted to a theme park and the remaining 50% to a mixed-use development,” he said.
“The revised masterplan has been approved by Dubai Municipality, but is awaiting clearance from Dubailand, the master developer who was insisting on the theme park as it used to be. But that is not possible,” Bin Kalban said.
The developer also intends to relaunch the $81.67-M. The Link Motor City project, which will have a retail component and a 3-Star hotel, Bin Kalban revealed.
Though the original Motor City master plan included seven hotels, Bin Kalban said the company has stripped back its ambitious hospitality development plans to developing only three hotels.
“We are executing the Motor City master plan, but with slight changes because market dynamics have changed. It is the most prosperous community in Dubailand. We want to capitalist on it,” he said.
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