Victoria is to get a second all-weather, synthetic racetrack as part of the new $70 million Pakenham racecourse project.

The new synthetic track announced on Tuesday by Victorian Premier and Racing Minister Denis Napthine will be 2000m in circumference and capable of staging races from 1000m to 2400m.

It is expected the track will stage 16 meetings a year on the all-weather surface and 24 on the turf track that is under construction and is scheduled to open for racing in September next year.

The all-weather track is expected to be ready for racing in the 2015-2016 season.

Training at the new complex is due to commence in mid-2014 with initial facilities for 16 trainers.

The project has been funded largely by the sale of the existing Pakenham racecourse to developers, plus contributions from the state government, Country Racing Victoria and Racing Victoria.

Racing will cease at the existing track after the Cup meeting in January.