Mansur President Charles R. Cagann said in a statement that the project would be "...one of the most ambitious, exciting and challenging we will ever have the privilege of working on."
The project involves rerouting 16th Street, extending Holt Road north to 30th Street and vacating Georgetown Road from 16th to 25th streets. Speedway's main street will be revitalized to create sites for retailing, hotels and industrial and manufacturing projects.
Many of the new businesses are expected to be related to auto racing.
Work is expected to start in mid 2008.