The Jockey Club has unveiled a £45 million concept for the next stage of development at Cheltenham.
Subject to planning permission, the proposed development will create a state-of-the-art new grandstand.
It will include new annual members' facilities, general public viewing areas, private boxes and Royal Box facilities.
The Jockey Club investment will include improvements for owners and trainers, and focus on enhancing the overall customer experience at the racecourse, including elevated walkways to ease mobility and multi-tiered viewing of the parade ring.
It is hoped the main development will begin immediately after the 2014 Festival with a scheduled completion date ahead of the big meeting in two years time.
During the construction period, Cheltenham would continue staging its race programme as normal.
The proposed Cheltenham development project was showcased on Wednesday to officers from Cheltenham Borough Council and a detailed planning application is being submitted next month.
Jockey Club Racecourse group managing director Paul Fisher said: "Cheltenham is not only one of the Jockey Club's crown jewels, we recognise it is the home of jump racing and one of the great theatres in British sport.
"It is vital we continue to invest in its appeal, the experience it offers and its success, for the good of British racing."
Ian Renton, Cheltenham and the South West regional director of Jockey Club Racecourses, said: "All of us at Cheltenham are delighted to be involved in this new iconic grandstand development, which will make a huge difference to the experience for many racegoers."
"This development will enhance Cheltenham's unique character" - Robert Waley-Cohen
"We are proud of the outstanding racing at the very heart of the Cheltenham experience and the unrivalled atmosphere we offer on racedays.
"Through the Jockey Club's major investment in our facilities, I am excited about the improved customer experience that we will be able to offer."
Cheltenham chairman Robert Waley-Cohen said: "I'm delighted The Jockey Club board of stewards has chosen Cheltenham for the group's largest ever investment in a single project and we hope our planning application proves successful.
"This development will enhance Cheltenham's unique character and is the last part of the grandstand development that began 30 years ago.
"It focuses on two key objectives: maximising enjoyment of the horse and improving the overall Cheltenham experience for all racegoers.
"The project is an important and necessary step in the evolution of Cheltenham Racecourse to ensure we can continue to operate at the very highest levels of British sport and fulfil our responsibilities to British racing for many more years to come."
The Jockey Club, which runs 15 racecourses in the UK under its Jockey Club Racecourses banner, has invested more than #80 million in facilities at Cheltenham over the last 30 years.