According to the spanish newspaper El Mundo (not a very reliable
source), tomorrow Bernie Ecllestone and Francisco Camps (president of
the Valencia regional government) will anounce a new urban GP to be held
in Valencia, starting in 2008.

The pice of news (in Spanish), including the circuit:

http://www.elmundo.es/elmundodeporte... &t=1178744893

Only the circuit:

http://estaticos03.cache.el-mundo.ne...dillos_1_0.gif

This circuit uses many of the facilities of the America's Cup, currently
underway.

--
Shevek