On Monday, the Ontario Municipal Board rejected all appeals against the proposed Canadian Motor Speedway in Fort Erie, opening the door for groundbreaking on a $400 million, 65,000-seat facility near the Peace Bridge.

The land — in a town that recently lost live horse racing and slots — has been purchased and it’s believed the major investors are from Kuwait. Construction is expected to take 18 months.

Speedway officials say they will try to attract NASCAR and other auto racing events, as well as rock concerts, according to the speedway’s executive director, Azhar Mohammed.

Four-time NASCAR champion Jeff Gordon is designing the Fort Erie project’s 1.6-kilometre banked oval track and a 4.2-kilometre road course. It would be the largest track in Canada.

Sources told the Star that officials may also approach the National Hockey League to discuss hosting an outdoor game.

“Being associated with this innovative development is a point of pride for me personally, not just because the facility is the first speedway of its kind in Canada but because of the great fan support that I have received from north of the border over the course of my career,” Gordon was quoted as saying on the speedway’s website.

The site is on 332 hectares parallel to the Queen Elizabeth Way, about two miles from the Peace Bridge, allowing for a huge market area to include Buffalo, N.Y., Niagara Falls and Toronto.

Plans call for 60,000 grandstand seats, 5,000 club seats and 80 suites.

“The CMS is very excited about the decision by the OMB and that the conclusion affirms that our project addresses and implements matters of provincial and regional interest,” Mohammed said in a press release.

“This is a world-class facility that will attract visitors from all over North America,” he said. “We are very anxious to begin the next steps in seeing the speedway come a reality.”

Fort Erie Mayor Doug Martin hopes the decision is the beginning of some much-needed good news for his town after the demise of Fort Erie Race Track and many factories in recent years.

NASCAR’s Nationwide feeder series recently announced it will no longer race in Montreal, after six years, putting that event in play. There has been speculation that the event could move to Mosport International Raceway in Bowmanville, Ont.

The OMB decision included some requirements and restrictions agreed to by the speedway operators and the Citizens Coalition of Greater Fort Erie, which initially opposed the speedway in hopes of preserving the rural land as agricultural.

Coalition president Sandy Vant was disappointed by the OMB decision, but she will work with the speedway to address issues of noise and traffic control.

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Niagara Falls MPP Kim Craitor said the decision sends a strong message that Fort Erie is open for business.

It’s believed the speedway group has not asked the provincial government for financial help yet, but may ask for government support to upgrade and expand the highway and ramps near the speedway.