“The bold initiative has also been declared a project of State Significance under the Planning and Environment Act and leads the way for Melbourne to be an Australian leader in inner city urban renewal,” Mr Guy said.
“This is an area 10 times the size of what Sydney can manage in Barangaroo and is the largest inner city rezoning in Australian history.
“Its 240 hectares compares to the Hoddle grid at 160 hectares, Southbank’s 100 hectares, and 140 hectares in Docklands. Melbourne’s CBD now extends from Spring Street to Williamstown Road, encompassing the historical Hoddle grid, Southbank, Docklands and now Fishermans Bend.
“This rezoning expands Melbourne’s capital city zone by more than 50 per cent and is expected to accommodate around 25,000 jobs and 50,000 residents.”
The construction work is expected to provide thousands of additional jobs in the high rise building industry over the coming years with 5,000 apartments to be built in the next 10 years with an economic impact of approximately $1.5 billion and creating 13,500 construction jobs.
“There will also be significant productivity benefits from more people locating close to jobs and services in the CBD, Southbank and Docklands,” Mr Guy said.
“Urban renewal in Fishermans Bend will boost Melbourne’s economic growth and secure jobs and investment in Victoria, not just now but for the next 30 years,” Mr Guy said.
“This area will be home to high rise residential towers, modern terraced townhouses, campus-style offices, warehouse lofts, a vertical school, small laneways, local parks, new art galleries, and all kinds of new opportunities.”