Richmond has begun the development of its ancestral home at Punt Road, with Stage 1 of the project given the green light.
The opening phase of the renovation "will include the construction of the new Jack Dyer Stand, a three-level underground car park as well as state-of-the-art facilities for our female athletes".
The Punt Road Oval will be "realigned and reshaped" to the same size as the MCG, while viewing stands and spectator facilities will be improved, increasing the capacity.
"This is an incredibly exciting moment for our Club," Richmond CEO Shane Dunne said.
"It will make us stronger on and off the field and ensure we are set up for success for generations to come. Importantly, this redevelopment will ensure Richmond stays in Richmond, our home since 1885."
Built Environs has been appointed as the builder, with the $85 million Stage 1 of the project expected to be completed by mid-2027.
The Tigers will now be on the hunt for securing $25 million to fund Stage 2 of the redevelopment, which "includes the establishment of the William Cooper Centre and new offices for Richmond's administration".
"When complete, this will be an incredible outcome for our athletes, our staff, our fans and our commercial and community stakeholders," Dunne said.
"Our Club is privileged to be based in the heart of one of the world's greatest sporting precincts and in the shadows of the MCG. We want this to be a Club that attracts and retains the best talent on and off the field, and this redevelopment will ensure that is the case.
"The job is not done from a fundraising perspective โ we have a $25 million gap to fill - so we will continue to work with stakeholders, major supporters and our members and fans to build our financial strength to ensure we get the project completed in its entirety."
