Texas World Speedway will close in mid-June to make way for a $55 million housing development.

The nearly 400-acre road racing venue near College Station held its first sanctioned race in 1969. The 2-mile oval has been the site of numerous Indy car, stock car and other races.

Track CEO Bill Mather is also the developer who plans to convert the speedway into a community called Southern Pointe. Backers say the development will include 1,400 homes, commercial sites, nature trails and space for a school.

The College Station City Council last week approved a development agreement to extend the city's planning authority to the property.

Mather has said he hopes to break ground shortly after the track closes June 15.

The speedway is 75 miles northwest of Houston.

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Online:

http://www.texasworldspeedway.com/