A developer and a well-known hotel developed 40 hectares of land in Moonee Valley Racecourse. The construction project supervised by Camillo Builders has now started, and the $2 billion urban renewal project has been approved by an undisclosed major bank’s $73 million debt financing.
Private developer Hamton is well-known for specializing in high-end residential and mixed-use projects in the inner and central suburbs. Its completed and current projects have a total value of 3.5 billion Australian dollars. The racecourse master plan will eventually have about 2,000 houses and will accommodate about 4,000 new residents in the next 15 years.
Mixed-use projects will include retail and entertainment facilities, commercial office space, and community and welfare spaces, as well as the construction of new grandstands and new runways. Elsewhere in the southeast of Melbourne, the Melbourne Motorsport Club and Baker Property Group have carried out a $1 billion reconstruction at Caulfield Racecourse, which was delivered by the Construction Group.
Baker and the consortium received awards from two listed developers and announced plans for a 13-phase project that will take approximately 15 years to complete.
Further north, Mirvac and the Brisbane Motorsports Club began this year to build a second apartment complex in Ascot Green, the $950 million residential area of Eagle Farm Racecourse.
https://theurbandeveloper.com/articles/moonee-valley-masterplan-races-ahead