This is what i've found so far...
It's going to be called the Niagara Falls International Speedway. The track will consist of a 1.5 Mile oval, and a 1/4 mile drag racing track.
Seating capacity of 60,000 fixed permanent seats, not counting the grassy areas. There's an infield for road racing type of activities, plus an NHRA approved drag strip.
it's located between Niagara Falls & Fort Erie on a 70 Hectare parcel of land.
A Kuwaiti investment bank is leading a group that plans to spend $200 million (Canadian) to build a NASCAR-ready race track and entertainment complex in Fort Erie, Canadian officials announced today.
The consortium from the Middle East and Canada says it will build the 65,000-seat facility on a 623-acre parcel it has purchased just off the Queen Elizabeth Way in Fort Erie.
Investors and local officials say the racing complex will attract new visitors to Ontario, creating 1,200 jobs and generating $34 million (Canadian) in new tax revenue, according to a news release from Bayt Al Mal Investments, the Kuwaiti Islamic investment bank.
"The region will receive a huge shot in the arm through increased economic development and tourism," Peter Partington, the Niagara regional chairman, equivalent to the Erie County executive, said in a statement today issued prior to a news conference in Fort Erie.
The investment group is building the track to the specifications required to host a NASCAR race, and investors hope to persuade NASCAR's governing body to bring a Sprint Cup Series race to the track. NASCAR officials have said in the past that they want to hold a top-tier race in Canada.
About 1,200 people would be hired to build the track, located less than four miles from the border with New York. Another 120 full-time employees would operate the facility.
The complex could be expanded from 65,000 to 100,000 seats, and it will contain both a one-mile oval track and a 2•-mile road course.
Fort Erie Mayor Douglas Martin has been working with Bayt Al Mal for the past 18 months. The other partners in the investment group were not identified.
Martin and economic development officials from the region and the province were in Dubai last week meeting with members of the investment group in an effort to close a deal.
Local officials say the investment in the motor-speedway complex will be the first of many linking Ontario to the Middle East.
"Bayt Al Mal did their homework, recognized Ontario's tremendous potential and made a wise decision to invest here," said Sandra Pupatello, Ontario's minister for international trade and investment.