The WA Cricket Association and its business partner Ascot Capital expect to begin work on redeveloping the cricket ground in March 2011 after members voted overwhelmingly to support the WACA redevelopment.
The Development Agreement was put to WACA members at a general meeting last night and was passed with 95 per cent approval.
The agreement is expected to transform the cricket ground and includes residential and commercial opportunities as well as outdoor and indoor cricket training facilities.
WACA Chairman David Williams said: "[The] decision was the culmination of over three years of work by the WACA in concert with Ascot Capital Limited.
"This is a unique development marrying commerce and cricket in a residential precinct with the iconic WACA Ground as its heart."
"Now the real work stars, and we will be aiming to commence construction in March 2011 following an exciting Ashes summer of cricket," he said.
"For WACA Members to vote overwhelmingly in favour of the planned redevelopment is one of the most significant events in the history of cricket in this state," WACA chief executive Graeme Wood.
"The Development Agreement with Ascot Capital secures our famous WACA Ground as the home of cricket in Western Australia, and also goes a long way to shoring up the financial future of the game in WA.
"The redevelopment of the WACA Ground will be achieved without taxpayer or Government contributions and provide the best return on investment in the use of WACA land," he said.
The final capacity of the ground is expected to be reduced to about 18,000, but the WACA is confident the profits generated from the redevelopment will fund the future of WA cricket.
