Officials in New Jersey have approved a $2.7 billion development proposal for a new road course and motorsports destination in Atlantic City. The new facility would be located at the former Atlantic City Municipal Airport, also known as Bader Field, and would include a 2.44-mile Formula 1 specification track surrounded by condominiums and retail establishments.

The project, headed by DEEM Enterprises, is expected to take six to nine years to complete. The project aims to “create a world-class motor course destination that embodies the speed, power and design innovation of the motorsport universe.”

Mayor Marty Small Sr. called the approval process a “historic day” for the city, one that he and the state have been working towards for nearly two years, according to published reports. Next, developers will have six months of due diligence on the proposed track, housing and retail space. If all goes well, this will be followed by the signing of a redevelopment agreement where plans will move forward.

For more information: deem-enterprises.com.