A 5,000-seat entertainment venue is in the works for Woodbine racetrack.

On Tuesday, Woodbine Entertainment Group (WEG) and Trinity Development Group announced the companies have
signed a memorandum of understanding to develop a 165,000-square foot venue adjacent to the racetrack. It is expected to be used for live music, theatre and dance.

"To partner with a trusted,well-respected property development company like Trinity allows the citizens of Toronto, and frankly the entire province, to start to see the possibilities of what we can develop on one of the most attractive pieces of real estate in the GTA," Jim Lawson, CEO of WEG, said in a statement.

John Ruddy, executive chairman of Trinity, said his company has "a deep history in developing real estate of this quality in high profile locations."

Trinity is responsible for the $200-million renovation of Lansdowne Park in Ottawa, home to the North American Soccer League's Ottawa Fury and the Canadian Football League's Ottawa RedBlacks, as well as retail stores and restaurants.

The company says following a revitalization project that began two years ago Lansdowne is "a hotbed for businesses and restaurants that drew 1.5 million visitors in its first year of operations."

Last March, Toronto Mayor John Tory said he supported studying the possibility of turning Woodbine racetrack into a casino.