The track will be built on about 900 acres near Elroy in southeastern Travis County, KXAN Austin News reports. The land was previously going to be used for a residential development called Wandering Creek.
The group, led by Austin-native Tavo Hellmund and sports legend Red McCombs, plan to announce the exact site of the track, thought to be in the general area just to the east of the Austin-Bergstom International Airport near Elroy and McAngus roads , north of FM 812 and east of State Highway 130, KXAN said.
“This project has been a tremendous undertaking,” said Hellmund. “But for at least the next decade, Texas will host a global sporting event on an annual basis in a new world-class multipurpose facility."
The U.S. Grand Prix race will run in Austin for at least 10 years starting in 2012. The race is expected to draw 90,000-200,000 people per year and could provide an economic impact between $200 million and $400 millon.
Promoters said the track would be the first built in the U.S. specifically designed for a Grand Prix event. The German firm Tilke has been hired to design the venue. Tilke has built racetracks in Abu Dhabi, Bahrain, Shanghai and Istanbul among other cities.
Formula One hasn't raced in the U.S. since 2007 after an eight-year run at Indianapolis Motor Speedway. Also on Tuesday, Formula One launched a new website, http://www.formula1unitedstates.com/.