I am sure many here have now read about this in PBJ etc. but for anyone looking for additional details at a later date here is an updated article on this project.
More of a research/testing facility than an actual PIR type racetrack (although one of the principals apparently is a former PIR co-owner). But they say there will be a few "major" races per year.
Phase One cost estimates at $250 million. I actuall exchanged some emails with principals here. Sounds promising - but still a long ways to go.
http://www.bizjournals.com/phoenix/b...a-grandes.html