CDI Sells Majority of Calder Land for $291 Million

Churchill Downs Inc. announced Nov. 22 an agreement to sell 115.7 acres of land near Calder Casino for $291 million to the real estate company Link Logistics.

The closing of the sale of the property, anticipated in the first half of 2022, is subject to the satisfaction of various closing conditions. CDI is planning to use certain proceeds of the sale to purchase or invest in replacement property that qualifies as an Internal Revenue Code §1031 transaction, the company said in a release.

Following the closing of this transaction, CDI will retain ownership of approximately 54 acres of the current 170-acre parcel of land on which the CDI's wholly-owned Calder Casino sits. CDI may sell 15-20 acres of Calder land along NW 27th Ave. in the Miami Gardens, Fla., area in the future for retail development.

Calder formed in 1971 and ceased racing as Calder Race Course after going head-to-head against Gulfstream Park in 2013-14. It was leased thereafter by Gulfstream Park and operated as Gulfstream Park West through 2020. It stopped operating as a racetrack last fall

CDI continued to operate the casino part of the property as Calder Casino. In May 2019, Churchill shifted its business model to conduct jai alai, which requires less space than a racetrack and supporting barn area and has lower costs.