Drivers Club Miami is being planned in the Opa Locka and Miami Gardens area, with design by architect Norman Foster.
In addition to a private club, the development will include a luxury resort hotel, retail and restaurants.
A race circuit is also being built, and will run 2.3 miles.
Miami-Dade has agreed to provide 160 acres of land for the project, at a lease that is below market rate. In addition, the county is providing $2 million to the developer in subsidies in exchange for creating 100 jobs on the property.
The project is estimated to cost $100 million. Carlos de Narvaez Steuer is the developer, operating under an entity called 13 Pista, LLC.