Sydney's Wentworth Park will hold its final race meeting in October, replacing 94 years of racing history with a suite of sporting fields and open space for residents.
The Greyhound Breeders, Owners and Trainers Association was granted an early termination of its lease over the historic site allowing the government to accelerate works, NSW Planning Minister Paul Scully said on Thursday.
Prominent advocates including Animal Justice Party MP Emma Hurst likened the track's early closure to removing the heart of the industry in NSW.
"Greyhound racing is a dying industry - and the early closure of Wentworth Park is one more nail in its coffin," she said.
"Wentworth Park belongs to the public, not an industry that kills dogs as a hobby."
But Greyhound Racing NSW chief Steve Griffin dismissed the idea of an industry on its knees as ludicrous.
"This move is not, as some has suggested the beginning of the end for the sport ... this is the start of a new era," he said on Thursday.
"It was time for us to move on to create the next chapter for the sport."
Racing Minister David Harris said the industry will be given $10 million to transition racing to other tracks.
But that decision was questioned by Greens MP Kobi Shetty.
"We'd love to see greyhound racing shut down completely," she told reporters.
Ms Shetty welcomed the earlier demolition date but said the government needed to come clean on how much affordable housing will be allocated in the emerging precinct.
"We know there's tens of thousands of people on social housing waitlists in the state and (the government) needs to be doing more and actually building housing themselves," she said.
More than 7000 homes are slated for the precinct as well as 20 sports fields, according to a plan released in December.
The City of Sydney will manage the expanded 14 hectare precinct which will be one of the state government's flagship new housing projects.
Wentworth Park's final meeting will be the world's richest greyhound race, the Million Dollar Chase, before bulldozers roll in to demolish the grandstand and racing infrastructure.
The park abuts the old Sydney Fish Market site set for housing development and is within walking distance of the new Pyrmont Metro station, making it a prime target for government renewal.
The closure is a blow to Sydney-based racegoers as it leaves the city with only one greyhound track at Richmond, on the city's northwest fringe.
Wentworth Park was not meant to close until 2027 but the association has requested an early termination in what is a tumultuous time for the industry.
A scathing review in December found safety standards for dogs had not been implemented for more than five years and no chief veterinarian had been appointed.
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