Racing Victoria has won early stage approval for its bold tower project that will occupier land around the Flemington racecourse.
The VRC had been working with Chinese development group Greenland, however due to recent planning delays the developer had pulled out to focus on other projects.
The VRC originally struck a deal mid-2014 with Greenland development group which would of banked $45 million with plans to invest it back into a new state of the art grandstand facility.
The original proposal of 14-stories for the Flemington Green precinct on Flemington Hill has been reduced to 10-storeys after backlash from the local community - which now reflects the height of the racecourse’s historic grandstand.
Victorian planning minister, Mr Richard Wynee has welcome the open discussions with the local community and is pleased with the outcome.
“This achieves a balance that recognises the need to keep pace with a growing population, but not at the expense of Flemington’s appeal and amenity,” Mr Wynne said.
“This is an example of proper planning at play. We’ve listened to the advice of a community and in independent group of experts to find the best way forward.”
The VRC needs to submit further development plans for each site before they can be given full approval.
A planning committee report released on Friday described the Flemington racecourse as a site of “international significance”.
VRC chief executive Simon Love the VRC will make a decision on the project in the coming months once a detailed analysis of the report has been conducted.
“It has always been our intention to add to the vibrant Flemington precinct and fund the upgrade of facilities at the racecourse partially through the sale of surplus land.”