MIAMI GARDENS, FLA. (WSVN) - Formula 1 executives have come to a preliminary agreement with Stephen Ross and Hard Rock Stadium to host the race at the Miami Gardens venue in 2021.

Sean Bratches, Formula 1’s Managing Director of Commercial Operations, and Tom Garfinkel, Hard Rock Stadium’s Vice Chairman & CEO, announced the preliminary agreement on social media, Tuesday.

Garfinkel said on Twitter that organizers plan to hold the race in May 2021.

Formula 1 and Hard Rock Stadium executives also released a joint statement on the agreement.

“We are thrilled to announce that Formula One and Hard Rock Stadium have reached an agreement in principle to host the first-ever Formula One Miami Grand Prix at Hard Rock Stadium. With an estimated annual impact of more than $400 million and 35,000 room nights, the Formula One Miami Grand Prix will be an economic juggernaut for South Florida each and every year. We are deeply grateful to our fans, elected officials and the local tourism industry for their patience and support throughout this process. We look forward to bringing the greatest racing spectacle on the planet for the first time to one of the world’s most iconic and glamorous regions.”

Organizers released renderings that showed the start-finish line and paddock area adjacent to the stadium. The renderings also showed a large spectator area toward the end of the lap and a map of the proposed circuit.

The length of the track, however, has not been specified.

The announcement comes days after protesters held signs outside of the stadium on Sunday.

“There is opposition to having that race at the Hard Rock,” Miami-Dade Mayor Carlos Gimenez said. “It still needs to be negotiated, so there’s still stuff to be taken care of before this race comes to fruition.”

Residents who took part in the demonstration said they object to having the event at the venue over concerns that it will bring environmental consequences and noise pollution to surrounding neighborhoods.

“Our health, our community is not for sale,” resident Jahdiel Murray said. “What Miami Gardens does have– it has families. It has children. It has schools. It has churches. It has community centers, and those things we are not willing to allow those things to be sacrificed.”

Originally, race organizers wanted to hold the race in downtown Miami, but their plans fell through after officials said it would disrupt businesses and residents.

“We had 300 people show up to a town hall and say ‘No,'” Murray said. “We have protest events happening on a biweekly basis at every Dolphins home game. Question is, ‘Are you going to listen?'”

The plan is now pending approval from Miami-Dade County commissioners, who will discuss the proposal on Oct. 29.

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