A new circuit to be built near Buenos Aires could see F1 return to Argentina after a break of almost 15 years.

The official ground-breaking ceremony on Friday marked the start of work on the 2.92 mile Velociudad Speedcity circuit in Zarate, around 62 miles from the capital, which designers Populous claim will be capable of hosting Formula One races once completed in early 2013.

"The plan is for a circuit capable of delivering a Formula One event," John Rhodes, Associate Principal of Populous, told Reuters.

"The key is to offer a category one circuit," he continued. "Once the facility is there, then it's down to a promoter. The issue is to have a high performance circuit capable of holding a MotoGP then add the necessary requirements for a Formula One race.

"The main 4.7 km circuit will be good for F1 and endurance races like Le Mans, it's a good, sensible length," he added.

Between 1953 and 1998, Argentina hosted 20 rounds of the Formula One World Championship at the Autodromo Oscar Alfredo Galvez, which was built on swampland just outside the capital. Winners included Alberto Ascari, Juan Manuel Fangio, Stirling Moss, Emerson Fittipaldi, Mario Andretti, Damon Hill and Michael Schumacher, who won the last event in 1998. A Grand Prix was planned for 1999 but was cancelled pre-season.

"Populous is a private concern owned by Eddie Freeman," Rhodes explained, "an entrepreneur who worked in resort development and this is a natural step. We see this as more than just an event circuit. There are many (car) manufacturers in the area, they can test cars, do driver training. The investment will soon pay for itself, there is a business idea behind this."

"During the last five years we have developed technology, software, and design techniques through the use of simulation to physically test the design of a circuit," he added in a subsequent company statement. "These pioneering techniques have enabled the creation of a topographically exciting and challenging medium-speed circuit on what was a relatively square and flat 63 hectare site."

Populous, formerly known as HOK Sport, is an architectural firm specializing in the design of sports facilities and convention centres, as well as planning of major special events.

The firm enjoys a dominant role in the design of sports stadiums and arenas, including the new Yankee Stadium, Wembley Stadium in London, Wimbledon Centre Court, Arsenal's Emirates Stadium (ugh!), the Soccer City Stadium in Johannesburg for the 2010 World Cup, London's 2012 Olympic Stadium and the O2 Arenas in London, Berlin, and Dublin.

It is also responsible for the recent re-design at Silverstone and is involved in designing a new F1 track in Mumbai.