The former Lavington Sports Club building will be demolished under plans lodged with Albury Council and a residential subdivision floated for the site.
The development application has been submitted to council by property owner Scott Walters, who purchased the one-time entertainment hot spot and surrounding land four years ago.
The building shut its doors suddenly in 2014 when owned by the Panthers Entertainment Group and 40 part-time and permanent jobs were lost with the decision to close.
Mr Walters had plans to resurrect the building as a function centre before the entire site was put on the market last year.
Albury Council briefly contemplated buying the site before Mr Walters due to its purchase of the Lavington Sports Ground which has since undergone a $19.6 million redevelopment and further works proposed with further funding allocated in the city's 2021-22 draft budget.
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The total land area comprises 4.09 hectares in the Hamilton Valley growth corridor.
Redevelopment options include a retirement home, childcare and function and entertainment centre in an area zoned residential.
The development application lodged with council states general building waste will be transported to the nearby Albury tip and timber, steel, bricks and concrete to be recycled.
Any asbestos will be cleared by a qualified contractor before demolition begins.
Demolition works are not anticipated to impact on Lavington Panthers Football-Netball Club training and playing needs.
The former Lavington Sports Club opened 52 years ago with an initial eight poker machines before rapidly expanding in the next decade.
Col Donnolley was a key figure in the early establishment of the sports club which provided employment for Lavington footballers following the club's long running battle to gain entry into the Ovens and Murray league, which was finally granted in 1979.
Brian Chalmers and Ken Hallows are among those to be president of both the sports club and football-netball club.
In the mid 1970s, the club purchased land opposite the club to build the sports ground which was later sold to Albury Council for $1.32 million.
Its demise began with the introduction of poker machines in Victoria.
The council has redeveloped the venue in the hope of replicating the international and national sporting matches played at the ground in its glory years.
They include a World Cup cricket match between England and Zimbabwe in 1992, Sheffield Shield games and National Rugby League and A-League soccer matches for premiership points.
Demolition works are estimated to cost $330,000.
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