04/21/2004 11:00PM

Gulf development in works

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Magna Entertainment Corp. has reached an agreement with a real estate company to develop a portion of its property at Gulfstream Park in south Florida, Magna announced Thursday.

A Magna statement said the development will use 80 acres of Gulfstream's 250-acre site. The development will be a "mixed-use retail, entertainment, and residential project" that would be completed by 2006.

The real estate company, Forest City Enterprises Inc., will manage the development and raise the financing. Magna and Forest City will each have a 50 percent interest in the development.

Details of the impact of the development on Gulfstream's race meet were unknown Thursday. Jim McAlpine, the chief executive officer of Magna, could not comment on Thursday, according to Magna officials.

Scott Savin, the president of Gulfstream, said Thursday that he did not believe the Gulfstream grandstand, track, or barns would be affected, but that he was waiting to hear from Magna's corporate offices. "There will be a 2005 meet," said Savin. "We've applied for dates, and that's how we're going forward."