LOVES PARK, Ill. (WTVO) — The Rockford Speedway will begin redevelopment of the complex starting the second week in June.

The 75 year old track is closing its door after the conclusion of the 2023 race season.

“If we can continue to work together and do a lot of planning, this historic site is going to continue to be a great asset to the city of Loves Park,” said Loves Park Mayor, Greg Jury.

Taking over the redevelopment is Shorewood Development Company. Founder and President Louis Schriber worked with the race track owners, the Deery family on selling the track. The two sides began working on the transition almost five years ago. Later this year that project will begin.

“So we’ve really kept it quiet just because we didn’t know when it was gonna happen. Whether this year or three years from now. It’ll give the opportunity and we’re going to work with Loves Park and the Deery family to really find the best and highest best use for the community and the land,” Schriber said.

The Construction will start at the front of the complex including the Forest Hills Lodge. Shorewood has plans for the redevelopment, but nothing has been finalized.

“Our firm really specializes in retail development, commercial development, you know strip centers anchored by restaurants, quick service restaurants, you know grocery anchored shopping center,” Schriber said.

“You know we obviously hope that it is something that comes in here that, restaurants and those kind of things that can support people coming in, visiting the community,” Mayor Jury said.

The actual track will be turned into something different. Ideas range from residential to job offices or even medical offices.

“It’s important to us and the Deery family to memorialize kind of the history here and have that centered around the ultimate development that takes place here,” said Schriber.

2023 events at the track will begin in March. You can check out all the events on the Rockford Speedway website.