Waverley Park demolition begins

Work on the demolition of one of Australian Football's icons has begun with developers ripping down the stands at Waverley Park.

Work began on a $1 billion, AFL-themed housing estate at Waverley Park last week.

About half of Waverley Park's outer stands around the scoreboard have been flattened by bulldozers.

Mirvac spokesman Tom Ormerod said half the outer lower stands had been demolished.

"A part of what they've been doing is removing timber seating and a lot of that will be stored and refurbished later on," Mr Ormerod said.

Eight of the 16 bays of the Sir Kenneth Luke stand will be kept, along with the heritage-listed Greats of Football mosaic. The bays will be refurbished and house the Hawthorn Football Club's headquarters and other residential and community facilities.

Flats will be built around the oval to replicate the old grandstand.

Eventually the new suburb will have 1500 homes, including 250 apartments.