A new set of ambitious plans have been revealed for the site of Woodbine Racetrack, a privately owned 684 acre plot of land that's been the subject of various redevelopment proposals over the years.

The latest master plan seeks to remake the site as "a city within a city," which would include an array of uses, from expanded entertainment offerings to restaurants, hotels, retail, office space, housing and even educational facilities.

Led by Woodbine Entertainment Group, the development would unfold in two phases. The first would bolster Woodbine's hospitality and gaming offerings in keeping with conditions laid out by the city of Toronto.

WEG believes it can attract 12 to 15 million people per year with expanded entertainment and gaming amenities, which is double its current numbers.

There have been various plans for expanded retail and gaming here before, not to mention a full blown casino, but nothing major has come to fruition. Just last year, Woodbine announced plans for a 5,000 capacity concert venue at the site.

Jim Lawson, WEG's CEO, thinks now might be the right time for large scale redevelopment thanks to various transit infrastructure projects in the works, including the proposed, but unfunded Pearson rail hub.

Shovels could break ground on phase one as early as next year, Lawson claims, but the second and more dramatic stage currently lacks a timeline.