The land on which the circuit is located was originally bought in 1926 by property developers who wanted to build accommodations. Following difficulties partly due to the 1929 stock market crash, it was decided to build a racing circuit instead, construction started in 1938 and the track was inaugurated in May 1940. The design was based on New York's Roosevelt Field Raceway (1937 layout). The traditional name of the circuit (literally, "between lakes") comes from its location on the neighborhood of Interlagos, a region between two large artificial lakes, Guarapiranga and Billings, which were built in the early 20th century to supply the city with water and electric power. It was renamed in 1985 from "Autódromo de Interlagos" to its current name to honor the Brazilian Formula One driver José Carlos Pace, who died in a plane crash in 1977. Formula One started racing there in 1972, the first year being a non-championship race, won by Argentinean Carlos Reutemann. The first World Championship Brazilian Grand Prix was held at Interlagos in 1973, the race won by defending Formula One World Champion and São Paulo local Emerson Fittipaldi. Fittipaldi won the race again the following year in bad weather and Brazilian driver José Carlos Pace won his only race at Interlagos in 1975.