Charlotte Motor Speedway (formerly Lowe's Motor Speedway) is a speedway in Concord, North Carolina, north of Charlotte. It features a 1.5-mile (2.4 km) long quad-oval track that seats 167,000 people, with room for 50,000 more spectators in the infield. Constructed in 1959, it was the first speedway to host nighttime superspeedway racing (in 1992) in the "modern era," the first being the now defunct Raleigh, N.C. Speedway in 1958, and to offer year-round residences (in 1984) with 52 condominiums available over turn one. It is owned by Speedway Motorsports, which has its corporate headquarters on the same property. The speedway is considered the home base of NASCAR, with 90% of NASCAR teams being based within 50 miles (80 km).