Formula 1 settles on Miami Dolphins home for second American race

Formula 1 and Miami’s Hard Rock Stadium agreed to bring a race to the venue in 2021.

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The Formula One Miami Grand Prix, with an estimated annual impact of more than $400 million, "will be an economic juggernaut for South Florida each and every year," the organizations said in a joint statement about their plan to add a race course at the Miami Dolphins home. "We are deeply grateful to our fans, elected officials and the local tourism industry for their patience and support throughout this process."

Officials released artists' renderings on social media of what the track could look like, including crowd seating along the planned front stretch of the course. According to WSVN-TV, organizers originally sought to hold the race in downtown Miami but changed sites amid concerns that the event would disrupt businesses and irritate residents.

Formula 1, which hosts several events across Europe, Asia, the Middle East and South America, is the highest tier of auto racing, using single-seater vehicles designed solely for competition. There is only one event in the U.S. currently.

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In November, Formula 1 will host the United States Grand Prix in Austin, Texas.