Toronto's Woodbine Racetrack is trying to become more multifaceted. That's why it's looking to build a 5,000 music venue on a large parcel of land next to its horse racing track.

According to CP24, Woodbine Entertainment Group, together with Trinity Development Group, will propose to add live music to the mix at this west end destination.

As CP24 notes, the incoming venue will likely be 165,000 square-feet and would take up between three to four acres of land.

To put this all in perspective, the Molson Canadian Amphitheatre (excluding the lawn) seats about 5,500 people. In other words, this would be a major addition to Toronto's roster of live music venues. As to whether Woodbine will have success booking the type of talent that plays the Amphitheatre is another story.

Concept drawing via Woodbine Entertainment.