A velodrome planned for a site on Buzzard Point in Southwest D.C. is no more, having fallen victim to a weak economy and high rent payments.

The plan for the 544-foot velodrome located on a 1.5-acre parcel of land west of Nats Park was made public at this time last year, spurring excitement among local cyclists itching for a chance to race on the track’s 48-degree banked turns. But despite hopes that it could form part of a new entertainment district that could play host to a new D.C. United Stadium, velodrome planners say they simply couldn’t raise the $300,000 needed to get the track built and operating.

“The site at Buzzard’s Point was a problem from the start First, it took forever to get a lease signed. Then along the way we found out they wanted rent of $30,000, which we didn’t have. The parking area we had been promised became subject to additional rent payments,” explained David Butterworth, a driving force behind the velodrome.

“We missed the opportunity in 2010-11 to get corporate sponsors due to questions about the site issues. Then we learned the site we’d leased was actively on the market for sale. We terminated the lease. The door is open to go back to Buzzard’s Point, but it makes for a very uncertain situation. We’ve been looking for other sites. Land is hard to find, especially at little or no cost. The economy is also a big negative factor to raising money right now,” he wrote in an email.

On a posting on the velodrome’s Facebook page yesterday, supporters of the project said they would continue searching for land, as well as possibly pursuing the project as a for-profit amenity.

“[W]e’re asking ourselves whether a for-profit model will make sense. Velodromes are not profitable by themselves, and it only gets worse if it’s an indoor track, but if combined with other uses—ice hockey and indoor turf sports (field hockey, lacrosse, and soccer), maybe that begins to make sense. We’re thinking about investors rather than donors and positive cash-flow from operations, which makes it self-sustaining. But the project becomes much bigger and it will take more time and planning,” said a message.