Saturday, January 16, 1999
Carroll has Midas touch with property
Vision took track seller a long way
BY TERRY FLYNN
The Cincinnati Enquirer
FLORENCE — Jerry Carroll's business philosophy is simple yet successful: create something that is well managed and attractive, thereby creating value that leads to profit.
His vision for Turfway Park began almost 13 years ago when he looked across Interstate 75 to the dilapidated Latonia Race Course and saw potential.
Now, with the sale of Turfway Park pending, he has a new vision and new goals. Tops is the $100 million Kentucky Speedway motor sports project in Gallatin County, but Mr. Carroll has his eye on other prime development sites around Northern Kentucky.
One of his new targets, he said, could be the Newport riverfront, where the aquarium and Newport on the Levee are under construction.
“We've done all we can do here at Turfway, and the time is right to sell it and move on,” he said.
Humble beginnings
Mr. Carroll, 54, started as a kid from Dearborn County, Ind., son of a golf pro who became a golf pro himself. But he realized soon after college that development and speculation was a much better way to get rich than teaching people how to hit a little white ball.
He moved from property leasing to development in Nashville, Tenn., eventually becoming the most prolific developer in that city.
When he bought the old Latonia track in 1986, he saw not only the opportunity to make it more successful, but envisioned some 600 acres around it as prime development property.
That vision led to the extension of Houston Road to Donaldson Road and a development boom, including businesses like Bigg's, Lowe's and the Hilton Hotel and more than a dozen restaurants.
Rolling the dice
The 11/2-mile tri-oval stock car track taking shape just off I-71 near Sparta is Mr. Carroll's latest challenge.
“The speedway is the biggest risk I've ever taken,” Mr. Carroll said. “It's quite different from what we did with Turfway. We're building something from scratch, rather than renovating like we did with Turfway.
“We are establishing the largest sporting venue and seating capacity in Kentucky.”
He emphasized that giving proper attention to the speedway will be easier without Turfway on his mind. “You can't slay too many dragons,” he said. “I probably would not have sold Turfway if I weren't involved with the speedway.
He doesn't, however, anticipate the same type of overflow development in Gallatin County that followed the upgrading of Turfway in Boone County.
“It's not the same kind of location, and we don't think we'll see the same development potential,” he said. “We'll create value in Gallatin County, no doubt about it. But it will be in certain situations, like industrial parks and hotels, maybe a few restaurants.”
Carroll Properties will be involved in development elsewhere in Northern Kentucky.
“Newport, the Covington riverfront and Boone County are all possibilities,” he said.
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