The agreement provides CDI with the opportunity to become a partner and investor with Betters in the construction and development of Pittsburgh Palisades Park, a proposed Thoroughbred racetrack for the Hays area of Pittsburgh's south side.
Pittsburgh Palisades Park currently has an application pending before the Pennsylvania Horse Racing Commission for a license to operate the racetrack.
Under the agreement, CDI would assist in the development of the racetrack, manage racetrack operations and have the opportunity to become an investor in Pittsburgh Palisades Park.
Said CDI president Thomas Meeker: "We are excited about the possibilities of bringing the leading brand in Thoroughbred racing to a sports town that is accustomed to having championship franchises.
"The fact that we're partnering with such an accomplished developer gives us confidence that this project can bring a new level of vitality to the city's south side."
CDI and Betters said that there are no assurances that the project will be granted a Thoroughbred racetrack license. Development of the prospective site has however moved one step closer as the City of Pittsburgh's Planning Commission approved a conditional use permit to begin initial work on the site.
