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Scrap Circuit

While many people are excited to learn that Formula One racing will be coming to Austin, others aren't quite so sure how they feel about it. Clearly, bringing Formula One to Austin will help put the city on the map while also generating a significant amount of income over the next several years. At the same time, some residents are concerned that the new track will be built too near to their homes.

Currently, there is quite a bit of talk about where the new track will be located, though nothing has been confirmed as of yet. According to some reports, the new track is likely to be built somewhere in Southeast Austin or in Travis County near State Highways 71 and 130. The exact location, however, is yet to be determined.

In addition to concerns regarding the location of the track, other residents are uncertain about the expense associated with building the track. According to those involved in the industry, however, it won't take long for the investment to pay off.

"It's an expensive endeavor, to build a track, 250 million U.S. let's say, maybe even more. It's not an easy undertaking, but I think Austin is at the right place at the right time," said Jonathan Green, who has been a commentator for Formula 1 TV for about 20 years. "Formula One is a success itself already, it's not a case of whether the event will be successful, a global audience of 600 million tells you the actual event will be successful for those watching it on television and everyone tuning in around the world."

Of course, in order to enjoy the benefits of hosting the Formula One event, the city of Austin needs to have the track built and fully functional by 2012. While some are concerned that this will not be enough time, others are confident that the city can have the project completed within this short timeframe.

In addition to concerns regarding the location of the track and the costs involved, some residents are worried that the event could bring problems to the area as the number of nonresidents increases. Yet others are excited about the benefits the event can bring to local business owners. According to Green, on the other hand, hosting the event will help the city finally achieve the recognition it deserves.

"When people mention Kuala Lumpur, they've probably never been to Malaysia but they know there's a Formula 1 Grand Prix, this is outside of America, and I hope that people will say, Austin, that's the live music capital of the world, hey isn't that where the American Grand Prix is." said Green.

Ryan Lynch works for a real estate team that helps buyers and sellers with Central Austin real estate. His team also specializes in The Spring Condos in Austin as well as The 360 Condos in Austin in the downtown area of the city.

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