Final decisions have been taken for IstanbulPark, which has been on the agenda with the “evacuation dispute” in the past weeks. A new lease agreement is being prepared for the track within the General Directorate of Foundations. The fate of the track and surrounding real estate will be determined with the tender covering 117 million dollars. Here are the details…
Istanbul Park tender is opening! If there is no race guarantee, there is no tender!
The last agreement made by Intercity for Istanbul Park ended last year. In this context, new tender works have started for the runway, which falls within the scope of the General Directorate of Foundations. According to the announcement dated February 12, 2024, new tender conditions were determined and the tender was opened. The General Directorate of Foundations has some conditions for the tender price of 117 million 806 thousand 367.89 dollars.
Along with the renovation of the track and the surrounding properties, there are some buildings that are wanted to be built in order to revitalize the area around the track. Besides these, the most striking decision was the Formula 1 race requirement. Accordingly, the new company that will rent Istanbul Park must guarantee that Formula 1 races will be held on the track starting from 2026.
Recently, there has been an increase in HBM memory prices due to important developments in the field of artificial intelligence.
Otherwise, 25% of the Formula-1 contract price must be paid to the General Directorate of Foundations for each year in which there is no race, including 2026. In short, it seems like if there is no race, there is no agreement.
The new real estate properties we mentioned above are as follows: A new shopping mall, Go Kart track, adventure park, automobile museum, entertainment center (aquarium, artificial forests, etc.) and a small neighborhood that includes them. With these points located around the track, it is aimed to revitalize the dead areas that remain idle.
