ARC Development has signed a letter of intent to acquire ownership in New Jersey Motorsport ParkÂs Thunderbolt Raceway.ARC Development has signed a letter of intent to acquire ownership in Thunderbolt Raceway, a racetrack property in South Jersey owned by Millville-based New Jersey Motorsport Park. Terms of the deal were not disclosed. ARC is a subsidiary of Nevada-based American Racing Capital, a holding company for companies in the motorsports industry.
Construction of the 708-acre facility is set to begin in spring 2006. Project costs are estimated at more than $100 million. NJMP projects that the raceway will employ some 1,500 full- and part-time employees. Thunderbolt will house a 4.1-mile racetrack, an assortment of automotive-industry features such as All Terrain Vehicle trails and a classic-cars gallery, and hotels and restaurants.