Pace Development Group has purchased a 10,600-square metre Flemington Racecourse site following the Victoria Racing Club's second attempt to dispose of the space and raise cash.

The developer will build 300 homes in up to 15 storeys on the rezoned site at 550 Epsom Road after winning a public tender to buy the site that already had approval and had undergone "vigorous" community consultation. The first apartments in the project were due to be on the market late next year.