It’s one of the world’s most renowned speedways. The Circuit of the Americas (COTA) in southeast Austin hosts races in many categories, including Formula I. The venue also hosts numerous concerts. The City of Austin is reviewing a plan to build a 1,000-room hotel and a 460,000-square-foot convention center on the site.

The Austin Business Journal reports that the developer of the COTA-adjacent project, RIDA Development Corp., is willing to turn over ownership of the land and the convention center to the city because city ownership is required for the project to receive rebates from the state for the hotel’s operations. The project wouldn’t be economically viable without the rebates.

RIDA is based in Houston and specializes in developing hotels with large meeting spaces across the U.S. One of the company’s flagship projects is the Marriott Marquis Houston, which is a 1,000-room hotel and 153,000-square-foot meeting center facility in downtown Houston. The design and entitlement process could take 12 to 18 months, followed by 30 to 36 months for construction.