The SA Motorsport Park at Tailem Bend has won $1 million in funding from the Federal Government.
Peregrine Corporation will use the Regional Development and Innovation Fund grant to further plans for an industrial and business precinct alongside its proposed motor racing circuit.
Peregrine will match the grant funding dollar-for-dollar.
Federal Regional Development Minister Warren Truss said the project would create jobs and economic growth.
"This project is a great example of economic diversification for the region," he said.
"The industrial precinct will benefit regional and national companies involved in warehousing, storage and light industry, transport and logistics and motor sport-related industries."
Plans submitted to the Development Assessment Commission (DAC) show up to 50 industrial allotments, including 14 in the first stage of development, in a 42-hectare area between an existing drag track and the proposed racing circuit.
The precinct's likely tenants would include mechanics, tyre repairers, machining sheds, storage facilities and other services needed to support the motor sport industry; plus some light agricultural manufacturing or fabrication.
Peregrine business development manager David Cooper said the first stage was likely to go ahead late next year, and that the motor sport park would open around the same time.
"Whilst there's not a lot to be seen, it's definitely progressing," he said.
"We're working on (DAC) approval, addressing their queries.
"Once we've done that we can go into detailed design and tenders."
The State Government promised the motorsport park $7.5 million in funding during last year's election campaign and pledged to support its owners' bid for a V8 Supercars race.
Premier Jay Weatherill estimated the facility would create up to 1600 full-time jobs, attract 300,000 visitors to Tailem Bend each year and generate $200 million for South Australia's economy.