Assuming the Club only ever operated one course, I find the 'convenient proximity to town' slightly contentious: 13 km is not a hop skip and a jump although punters could of course take a train to Camberwell and walk a mere three and a half of those km. The Outer Circle Railway, prominent in the plan above but clearly labelled 'proposed', did not open till 1891. Chris McConville's Camberwell Conservation Study (get it here) describes this as the Bowen Estate and gives a slight description of the attractive views available from the site (which would presumably more or less disappear once the villas were built).
The surveyor credited, Bryson, was also an architect judging from items available in the State Library of Victoria. Whoever he was, he apparently had no qualms about producing a remarkably deceptive map of the area suggesting very falsely (unless you had the eagle eye to spot the tell-tale broken line in 'Hollis St') that Burke Road was a lot closer to Bowen St than 900 m.
Who was involved in this project? C. F. C. Taylor, M.L.A. was a very active figure in the area in the 1880s. His day job was as a lawyer, but he was also chair of the Victorian Rowing Association (Melbourne Age 14 August 1883 p.6) and secretary of the Riversdale-Road Omnibus Company (Melbourne Age 20 October 1884 p. 2). Of the other men involved not much can be gleaned and they're probably not important to this story except by dint of their being swept up in this scheme which was almost certainly ill-fated in terms of a racecourse but possibly did alright in the long run when the whole site was made available for housing, if they were able to hold onto it during the 1890s depression. By 1913 there was an aerated water manufacturer called P. G. Dixon & Co (Melbourne Herald 31 July 1913 p. 8) which sold up its Rosslyn St. West Melbourne premises the following year (Melbourne Herald 5 February 1914 p. 5). G. Mayger was involved in some kind of proprietorial fashion with the East Melbourne Bicycle Club (Melbourne Herald 9 January 1891 p. 4). The other names are too common to track.