It will be converted in to a leisure and tourism zone with hotels, restaurants and entertainment activities.
The UDA is also set to acquire 7.5 acres of land along D.R. Wijewardena Mawatha earmarked for a 350 meter high 'Colombo Lotus Tower' which will function as a multifunctional TV and communication with revolving restaurants and banquet halls.
State lands in the area owned by the railway, postal and marketing departments and ports authority are to be vested with the UDA for the tower project.
The foundation stone for the104.3 million dollar tower, which is expected to be the tallest in South Asia when completed in 30 months, was laid in January this year. Minister Keheliya Rambukwella said Sri Lanka's Urban Development Authority (UDA) is to undertake a project to refurbish old colonial buildings in the Independence Square area and preserve their original architecture.
An old colonial period Race Course ground including the grand stand and mini stand buildings, Colombo's Bloom