An artist's impression of how the new Moonee Valley stand and track will look (Image: Moonee Valley Racing Club)
The Moonee Valley Racing Club has unveiled its 'Vision for The Valley', which will see a major track redevelopment that centres on the grandstand and winning post being relocated following the 100th running of the W.S. Cox Plate in 2020.
The new grandstand relocation to face the Melbourne city skyline is the biggest change from a wider viewpoint but the dimensions of the track will also be altered - the circumference of 1702m is a reduction from 1805m while the famously short home straight of 173m will be extended to 317m.
The new track will be 30m wide in order to cater for 35 meetings annually, and crucially, the Cox Plate will remain a 2040m event - to start at the top of the new straight.
And racing is not the only element to be enhanced by the redevelopment, as MVRC chairman Don Casboult explains.
"It will deliver a huge range of benefits for the entire community over the next century," Casboult said.
"The scale and ambition of this project is unparalleled. The Valley of Tomorrow will respect our great heritage while creating a wonderful new environment for all to enjoy.
"This place has been the setting for so many iconic moments in Australian thoroughbred racing - the place where legends are made. Now a brilliant new chapter has been opened on The Valley story that will deliver enormous value for all Victorians.
"Our vision for The Valley is designed to provide the best facilities of any sporting, lifestyle, residential and community precinct in the nation.
"The club has appointed a joint venture between Australia's leading superannuation fund Hostplus and highly respected property developer Hamton as our development partners for the residential, retail and commercial precinct, following a comprehensive and highly competitive selection process.
"Our partners strongly share our vision and together we are deeply committed to working in close collaboration with the community to create a precinct that reflects community aspirations and enhances the local area for residents."
The next step in the redevelopment is the 'detailed design and construction phase', which begins with the marketing of the first residential precinct to begin in mid-2018.
Racing Victoria chief executive Giles Thompson said the industry is behind MVRC's vision for The Valley.
"This is an exciting development for the Moonee Valley Racing Club and the wider Victorian racing industry and the Racing Victoria Board is very supportive of the club's plans. We look forward to working with the club to help ensure their vision for the project is realised," Thompson said.