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Daytona Beach, FL-- Officials from Daytona International Speedway outlined plans for a proposed redevelopment project for the famed 2.5-mile speedway.

Track president Joie Chitwood III revealed during a press conference on Friday information about redeveloping the grandstand area along the frontstretch, which would include more fan amenities and redesigned entrances into the venue. DIS opened in 1959 and has hosted the Daytona 500 each year since then.

"When we invest in our properties, there's certain value and it makes sense," Chitwood said. "So as we talk here today, it's about that next vision and opportunity, the things that are important to us.

"So as we look back at 50 years, it helps us guide how we want to invest and look to the future and make sure that we take this vision, whether it's the fans, the sponsors or the teams, everyone who comes to Daytona will have a story to tell."

Chitwood noted that International Speedway Corp., which owns and operates the racetrack, would invest at least $250 million in reconstruction costs for the property, pending approval from ISC's senior management.

The project might be impacted by Florida state legislation that would include tax incentives for surpassing significant private investment levels. Chitwood did not announce a timeline of when the project might begin. He did state that the renovation would not affect the Daytona 500, which is held in February. It could have an impact on the NASCAR races there in the summer.

DIS currently has a seating capacity of 146,000.