A major redevelopment of Canberra’s Thoroughbred Park is a step closer to becoming a reality in a move that promises to secure the industry’s long-term future in the ACT.

Amid calls for the entire racecourse to be demolished to make way for housing, a relieved close-knit Canberra racing industry is on the verge of receiving ACT government approval for the multi-purpose project, reportedly valued at $2 billion.

In an announcement in January, the territory’s Labor government said it was firmly behind a Canberra Racing Club (CRC) plan to deliver more than 3000 dwellings on a parcel of land at Thoroughbred Park without compromising racing and training operations.

Restaurants, cafes and shops on the land earmarked for development would sit alongside the club’s existing racing facilities.

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