Bob Gottlieb doesn’t think he will lack for business at the velodrome he plans to open in January on Neville Island.

The $4.5 million indoor bicycle track, to be called Island 200, will offer cycling races, winter training and recreation facilities and space for trade shows and concerts.

Pittsburgh, like much of the nation, is in the midst of a cycling revival, Mr. Gottlieb said. All levels of government are encouraging rails-to-trails biking and hiking paths, he said. Pedal Pittsburgh drew almost 3,000 riders to explore city neighborhoods last month as part of an annual Bike Fest. Local cyclists, commenting on Facebook and other social-media sites, have praised the velodrome project.

The steel frame of the building is going up at 5603 Grand Ave., just east of the Interstate 79 bridge over Neville Island. Plans call for a 200-meter oval track with steeply banked corners. The riding surface will be wood covered with a textured plastic laminate. The velodrome will have seating for about 2,000 spectators — 1,500 in grandstands and 500 in the infield.