According to Adam Cooper, the site has already been purchased. It's apparently 800 acres to the east of the city, and a few miles from the airport. They've also got permissions for amenities - water, waste and what-have-you - in place. My dad is a civil engineer who works on development projects and I know first-hand that getting amenities approved can be one of the most time-consuming and frustrating parts to any new development. So it's a big plus.
The best news, however, is that the owners have deliberately gone and purchased something very hilly. The exact site remains undisclosed, but this is good in and of itself because the owners are apparently racers and not some faceless national government that sets aside the first tract of land they can find. They've apparently also sent out a very specific request to Hermann Tilke (currently in Austin acquiring office space for the project): they want something fast and challenging, along the lines of Spa or Silverstone.
Think what you will of Tilke, but when you give him the right stuff, he can produce the goods. Last time he was given a hilly tract of land, he produced Istanbul, which is far and away his finest work. I think the pieces are in place for a decent circuit at the very least.