The major facility will have a world-class 5.25km driving circuit, a 100-seat restaurant, function space, short-term accommodation and member units as well as a private lodge and swimming pool.

Built on a disused mining site at Wakefield, Black Rock Motor Park is touted as an example of adaptive reuse, a world away from the underground and open cut coal mining that operated on the site from the late 1800s until 1971.

Work was originally due to begin in August 2020, and Black Rock Motor Park chief executive Tony Palmer said now the mining lease has been relinquished, it's a race to the finish line.

"That was our biggest blind spot, we had no idea how long that process would take and by all accounts on paper it didn't look that complicated," he said.

"I got my degree in patience over those four years, but to say we're excited is an understatement, we're so excited to share this with everybody.

"I know a lot of people share a similar dream and when people experience this space I know other like-minded enthusiasts are going to grow this industry."

Mr Palmer said the last time a mining lease was relinquished was about 70 years ago, and it was particularly unusual for the site to become a recreational project that will be open to the public.

He said it was an opportunity to breathe new life into an area that had once been economically productive.

"I really wanted to be in this region, there's so much future growth and potential in Lake Macquarie and the Lower Hunter," he said.

"I looked around the country for land to tick all of the boxes and this really was a unicorn, location-wise it works, it's a beautiful piece of land, the rehabilitation has been done very well and the mining was all underground."

When complete, the park will also offer a 4WD experience, mountain bike trails, skid pan training and go-karting, along with a range of motor offerings for entry-level cars up to exotic race cars in the leagues of Porsche and Ferrari.

Construction is expected to support about 450 jobs, while the proponents say the completed resort will employ almost 230 people.

Expected to be open in 2026, Mr Palmer said it would be one of only a handful of places where speedsters could get off the streets and "stretch their legs".

"This is a home for them to come show their cars and bring the community together," he said.

"It's modelled off a European trend which is happening at the moment - the old race track model is dead, there's no big monolithic assets.

"This is more like a ski resort or golf course."

The track has been designed by German-based Tilke Group, the company responsible for landmark racetracks across the globe, including the Yas Marina Circuit in Singapore, Circuit of the Americas in Texas and the Red Bull Ring in Austria.

It will host corporate driving events, performance car driving experience, public track days and driver training courses.

"Everything we do will be underpinned by education, whether it's teaching learner and P-plate drivers to drive safely or helping young enthusiasts take their first laps on a high-speed track," Mr Palmer said.

The project came to life with the help of Lake Macquarie council's economic development company Dantia, which undertook an analysis of how it would benefit the Hunter region and connected Mr Palmer with local businesses.

Dantia chief executive Tim Browne said Black Rock Motor Resort had shown what's possible on former mining land.

"Lake Macquarie has significant areas of land previously used for mining, typically located on the western side of the lake, close to the M1 and heavy rail," he said.

"Dantia is hopeful that a large proportion of this land can be similarly reused with a focus on jobs to support the city's growth and prosperity for future generations."

He said the resort itself would provide 'tens of millions' of dollars worth of investment and tourism income for the city, plus hundreds of jobs during construction and operation.

"More broadly, the project demonstrates Lake Mac's tremendous potential as our economy continues to transition towards knowledge and service-based industries and an expanded visitor economy," Mr Browne said.

Lake Macquarie council has its sights set on becoming an adventure tourism destination, and mayor Kay Fraser said the project marks a significant transformation away from the city's reliance on mining.

"This is a motor sport resort the likes of which we simply have never seen in Australia, bringing with it interstate and international tourists and injecting millions of dollars into the economy," she said.

"We can't thank the current owners enough for having faith in Lake Macquarie and hanging in there for seven long years, it's been a winding road, or race track for them, but their commitment, passion and persistence has been instrumental in getting this over the line.

"It's a big coup for Lake Macquarie, for Black Rock and this will be the start of many transformed mining sites to better, adaptive reuse."

Cr Fraser said she was particularly pleased that bush at the site was being protected amid the development.

"The site is absolutely breathtaking, you can drive on the track for a kilometre and a half and look back over these beautiful trees and mountains, it's just spectacular," she said.

"This will attract interstate, national and overseas people to Lake Macquarie and from that, other things will grow."

Mr Palmer said the city was in a unique position, and he could see it becoming the "Queenstown" of NSW.

"The excitement from other parts of the world is extreme, people will be flying in to come and stay and enjoy this facility along with the rest of the region," he said.

"This is a place where people can come and stay, experience the track in their own car or our cars and we've got the opportunity to showcase this incredible location to the rest of the world."

Black Rock Motor Resort is expected to be operating within two years, with construction over the finish line about 12 months later.

The first stage of construction includes the race track and establishing a cafe in the former mine's horse stable building.