Union Properties has reinstated pre-recession plans for a Formula One amusement park. The park has been made more affordable by reallocating half of the land to a mixed-use development.

The motor racing-themed park was put on hold in 2009 in the midst of the financial crisis that shook Dubai and the world. Part of Motor City, Dubailand, the US$544m park was already under construction when the project was halted.

Union Properties chair Khalid Bin Kalban told local press the scaled down Motor City proposal is for a much cheaper US$163m mixed-use project with three hotels, a retail park called the Link and the F1-X theme park. However, the masterplan has not yet been agreed with Dubailand.

“Dubailand is insisting on the theme park as it used to be. That is not possible,” Bin Kalban told Arabian Business. “We did ask them if they would come as a partner, but they were a bit hesitant. So, hopefully they will agree with our new concept.”

Motor City will boast a business park, autodrome and luxury homes and apartments. It “celebrates modern man’s fascination with the automobile and all it suggests: the freedom of movement, the thrill of speed, the sleekness of aerodynamic design, the efficiency of cutting-edge engineering,” according to the development’s website.