IRWINDALE >> City officials Wednesday will likely approve plans to demolish the iconic Irwindale Speedway to pave way for a 700,000-square-foot outlet mall.

City Council will hold a public hearing about the project at a meeting where officials are also expected to approve a development agreement with Irwindale Outlets Partners, LLC, change the site’s zoning code to commercial and certify the final Environmental Impact Report.

The Irwindale Outlet Center project, which includes design plans for an outdoor shopping center, entertainment stage, a central plaza and dining courtyard, is expected to generate thousands of jobs and bring a new heartbeat to the community.

“We expect a lot of positive impacts from the project, not just on Irwindale but on the region,” Community Development Director Gustavo Romo said.

The 63-acre site, bordered by the San Gabriel Valley Freeway and Live Oak Avenue, has changed uses several times since the 1960s, when it was a quarry, mined for sand and gravel by Pacific Rock.

When the mining operation ended in the mid ’70s, it was converted into a 200-foot deep landfill of mainly construction waste for nearly 20 years.

It later became home to the Irwindale Speedway in 1999.

When Irwindale Outlet Partners, LLC purchased the property for $22 million in September 2013, the owner extended the lease with 211 Enterprises, which operates the Irwindale Event Center, on a year-by-year basis.

Romo said the existing lease will continue until the owner secures at least 65 percent of the outlet tenants.

Construction may begin as early as January 2016, but because a date has not been finalized, it is not clear if the lease will be renewed for the 2016 season.

James Chou of Irwindale Outlets Partners did not respond to calls placed Monday.

If approved, the project would be implemented in two phases. The first phase would begin in early 2016 through summer 2017, and would include demolition of the speedway and development of about 65 percent of of the total project. The second phase is expected to commence in 2018.