Plans have been finalised by Dubai’s Union Properties to construct a US$163.35 million mixed-use development in Motor City. It will include a Formula One theme park, the company’s chairman, Khalid Bin Kalban, said.
“The land was allotted to a Formula One theme park development, but a feasibility study said the cost would overrun to as much as $544.49 million. 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”.
The original F1-X Dubai theme park was to boast three rollercoasters, each designed to simulate the experience of driving an F1 racing car. The park’s interior was to be themed like an F1 paddock. A number of leading F1 teams were to have input in to the design process of the park. Although the park never got off the starting grid, Dubai’s neighbour added Ferrari World Abu Dhabi along not dissimilar lines in 2010.
Formula One Theme Park approved by Dubai Municipality
Dubai Municipality has passed the new masterplan but the developer is waiting for final clearance from Dubailand, the master developer which was insisting on the Formula One theme park in its original plan. “But that is not possible, ” said Bin Kalban.
Furthermore, Union Properties plans to revive the $81.67 million The Link Motor City development. This will include a retail component and a three-star hotel.
The original Motor City masterplan had included seven hotels, but Bin Kalban said the company has reigned in its ambition. The new plan is to build three hotels.
“We are executing the Motor City masterplan, but with slight changes because market dynamics have changed. It is the most prosperous community in Dubailand. We want to capitalise on it, ” he said.