COLLEGE STATION, Texas (AP) — 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 races over the years.

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.