Pimlico Race Course in Baltimore, Maryland is hoping to keep the Preakness Stakes at their track, but a recommended demolition of all existing structures at the historic track threatens the continued existence and the success of the Preakness Stakes.

The course, which opened in 1870 and is the second-oldest race track in the United States, is in major need of repair and upgrading, the study by the Maryland Stadium Authority said in a comprehensive study outlining an estimated cost of approximately $424 million.

Construction would require approximately three years and the Preakness, held on the third Saturday in May, would need to move temporarily, most likely to nearby Laurel Park, a race track that is also owned by The Stronach Group, a Canada-based development company, according to Reuters.com.

Under state law, the Preakness can be moved to another track in Maryland “only as a result of a disaster or emergency.”

A local lawmaker says the study sets forth a blueprint for “an extraordinary community development opportunity on the racetrack site that would also allow us to transform the current Pimlico into a 21st century racing facility.”

Sandy Rosenberg told reporters last month it’s important to understand what the redevelopment would do for the other 51 weeks of the year when the Preakness isn’t running at the track. He noted the comprehensive study recommends adding infrastructure around the track including a central plaza, various shops and a hotel.

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