By the end of 2017, Tailem Bend will have a world-class motor racing venue and its own V8 Supercars event.
Proposed upgrades at the SA Motorsport Park won final approval from the Development Assessment Commission (DAC) on Wednesday, paving the way for construction to start within months.
The venue's owner, Peregrine Corporation, has also signed a memorandum of understanding with V8 Supercars guaranteeing a round of the race series - separate to the Clipsal 500 - after the facility's scheduled completion in 2017.
Peregrine Corporation director Sam Shahin, the driving force behind the project, said it would fill South Australia's need for a top quality motor sport venue.
"Rigorous planning and design work has occurred over the last 12 months to create what will be a world-class facility," he said.
"It is fantastic to now ... reach this important milestone."
Coorong Mayor Neville Jaensch was excited about the latest news.
"We're delighted it's through this process and we're looking forward to a good, long-term working relationship with the Shahin family and Peregrine," he said.
"It'll offer obvious benefits to the Mid Murray, Murray Bridge, Alexandrina councils and ourselves for tourism potential.
"We're looking forward to employment opportunities, not just within our district but throughout."
A handful of parties submitted comments to the DAC hearing, including the owners of three nearby properties who were concerned about the noise the racetrack would generate.
At least one resident expressed willingness to negotiate a buy-out.
In response, Peregrine Corporation argued that motor racing was always going to be noisy, that the nearby highways already produced a certain level of background noise and that residents should have raised their concerns in 2012, when the land was rezoned for motor sport use.
However, it noted noise-blocking mounds had been included in its plans.
The finished motorsport park will feature a variable-length racetrack, 270-metre-long pit building, drag strip and 1000-seat amphitheatre, drift circuit, go-karting facility, rally and rally cross tracks and a four-wheel-drive adventure park.
The site will also house a service station and restaurant, a 100-room hotel, 20 cabins, a caravan park, an exhibition centre, an airstrip and a helipad.
Peregrine Corporation hopes to hold as many as 200 events there per year, from small club meetings to V8 Supercars races, as well as offering each race track for hire.
The corporation submitted 645 pages of information to the DAC.