WALL, N.J. – A nearly seven-decade tradition of racing in Northeastern New Jersey will come to an end next season.

Wall Stadium Speedway track ownership announced Wednesday that the historic third-mile facility will cease operations at the end of 2020, as Pulte Homes prepares plans to build nearly 350 homes on the site of the track.

“The majority of the sprawling tract, deemed grossly underutilized for decades, consists of giant parking lots that lie mostly dormant, other than the handful of days each year when the track is open for competition,” the owners told the Asbury Park Press.

The new developers have designs to build 348 residential units on the current track site, mostly in the form of two- and three-bedroom townhouses, according to the Asbury Park Press.

The project still has to go before the town zoning board. However, nearly 70 affordable housing units are included in the proposed agreement, a reported deal-maker.

The announcement of the Wall Stadium plan came on the same day the township scheduled a public hearing in regards to a recent affordable housing settlement.

“While the negotiations were long and detailed, the township has concluded that the outcome that was negotiated with (the Fair Share Housing Center, a nonprofit that strives to ensure towns adhere to affordable housing requirements) is deemed to be in the overall long term best interests of current and future residents of Wall Township when all alternatives are considered,” said Wall Township Administrator Jeff Bertrand.

Wall has hosted various forms of motorsport since 1950. NASCAR’s Whelen Modified Tour returned to the track this year, in a 150-lap event won by Woody Pitkat.

What is now the Monster Energy NASCAR Cup Series held one race at Wall, in 1958. The 300-lap affair saw Jim Reed take the checkered flag in a self-owned 1957 Chevrolet.