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The old colonial era racecourse complex was given an extensive facelift under the Colombo Development Project and converted into an upscale shopping and dining venue. The landmark structure that lay in a state of abandon had seen better times during its heyday in the early parts of the 19th century.
Under an initiative of the Defence and Urban Development Secretary to restore heritage buildings in the city plans were drawn up and the Urban Development Authority along with the Sri Lanka Army was entrusted with the renovation work. The racecourse was renovated under phase five of the Independent Avenue development project. The renovation was carried out with a cost of 125 million rupees.
The refurbished grandiose white colonial structure that greets the visitors as well as the passersby at Reid avenue in Cinnamon Gardens was declared open in October last year (2012).
Chairman of the Urban Development Authority Nimal Perera, Coordinating Secretary of the Ministry of Defence and Urban 
Development Lesley Rupesinghe and a large number of distinguished guests were present at the occasion.