Cromwell Motorsport Park Trust Ltd director Ian Begg said yesterday the recent purchase of the property would act "as a catalyst for us to get this process under way".
The 3ha property at the corner of State Highway 6 and Sandflat Rd, 3km from Cromwell, includes a restaurant building and 1.5ha vineyard.
It borders land owned by the trust, earmarked for the motorsport project, next to Cromwell's existing speedway track.
Mr Begg said the plans for a vehicle-testing facility, motorsport racing venue, specialist driver facilities and an industrial park associated with motoring activities were still progressing.
"It hasn't been stalled. There's been a lot to comply with from the resource consents and it's a major project, so it all takes time and we're still working towards our goal."
He declined to say how much was paid for the property formerly owned by The Big Picture.
The 2010 government valuation for the property was $1.65 million capital value and $325,000 land value.
The Big Picture wine tourism business opened at Cromwell eight years ago. Owner Phil Parker told the Otago Daily Times in June last year it was relocating to Queenstown, with the aim of getting more tourist traffic.
The Cromwell operation, which had been on the market for several years, closed earlier this year.
Mr Begg said the property was in a strategic location for the motorsport park, with state highway frontage. The trust hoped a restaurateur would lease the building, so it would continue to operate as a restaurant.
"We plan to continue to maintain the vineyard, with 1.5ha of grapes, and it will all form part of the overall development.
"This is a big step for us, but it's a good asset and represents a good step forward."
Design work was being completed on the project, with preliminary track designs done and a preliminary layout on the ground identified. Further details about the project would be revealed in a few months, he said. Mr Begg declined to place a figure on the project cost - "It's quite a large project but I'd be guessing if I said a figure."
At the resource consent hearing in 2007, the project was described as costing $20 million.
The Central Otago District Council initially granted resource consent four years ago but 16 Cromwell residents appealed the decision and the matter was decided by the Environment Court.
Those opposed to the development cited noise and environmental concerns from activity at the park, while those in favour heralded further development of industry, economy, and tourism to the town.
The court partly upheld the appeal, and ordered consent conditions to be modified and the number of race days to be limited to 16 a year.
