Canberra Racing Club is seeking a Territory Plan Variation, to rezone "underutilised" land at Thoroughbred Park for several uses including residential and commercial accommodation.

"Our concept precinct plan is a very high-level assessment used to provide expected upper limits for things like dwellings and commercial spaces," the proposal read.

"It should be thought of as a starting point for future planning for the site and to start the conversation on what should be thought about with any potential future development."

The proposal is to change the zoning to include a CZ5 precinct and RZ5 precincts, which would allow a mixed-use commercial zone and high-density residential zones.

"These zones will allow potential future development to include uses such as, non-retail commercial, a wide range of affordable housing options, residential aged care and some ancillary ground floor commercial where appropriate," the proposal read.

"We note that the proposed zones and uses are subject to change with the planning investigation and will be detailed in the final planning study."

The proposal would allow buildings up to six storeys for residential and eight storeys for commercial use.

"At its closest extent the development is approximately 300m from the suburb of Downer," it read.

According to the proposal, preparations for a planning study to assess the proposed changes against the ACT Strategic Planning Context were under way.

The current plan, open for community consultation from Wednesday, is to rezone the land and not yet for development.

The 640,000 square metre site in Lyneham is bordered by Randwick Road to the west, the Barton Highway to the south and Sullivan's Creek storm water network to the east.

Details of Canberra Racing's master plan, obtained by The Canberra Times last year through freedom-of-information, revealed a hotel and aged-care faculties were potentially part of future development plans at the site.

The business study found it could be a major boost to the ACT economy, bringing $1 billion in economic activity, more than 2000 jobs and 3200 dwellings.

"[The] Thoroughbred Park precinct master plan proposes the consolidation of its facilities for the racing club and the release of underutilised land in the Thoroughbred Park precinct for residential development," the brief stated.

"[Canberra Racing Club] has estimated that the development could support 3200 dwellings, delivering $1 billion in gross value-added economic activity and 2039 jobs to the Canberra economy. CRC is developing a business case in relation to the master plan."

The club says future development would take advantage of the park's close proximity to the new light rail stop at the intersection of Randwick Rd and Flemington Rd.

Community consultation sessions will be open from February 24 to March 10 and a second round of consultation will be conducted before the planning report is finalised.

Drop-in sessions will be held on February 24 between 5.30pm and 7pm at Thoroughbred Park and an online session will be held on March 1 at 6pm.

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