Redevelopment of the historic 53-year-old Florida racetrack would involve new grandstands and seats, entrances, gates and concession areas. Earlier reports suggest that Rosetti Associates has been chosen to lead the racetrack renovations.

Government hurdles such as zoning have already been cleared for the project. Speedway president Joie Chitwood said that the cost of the project has not been determined. Along with the approval from the board, several local and state permits would still need to be obtained before construction can begin.

Daytona International Speedway is NASCAR’s most famous racetrack, and spans over two-and-half miles with seating for hundreds of thousands. The racetrack features high banking and trioval shape. Few grandstand seats have been there since 1959.