NEXT STEP TAKEN ON $1.7 BILLION GREEN SQUARE TOWN CENTRE
Mirvac/Leighton Properties has been selected to partner with Landcom to deliver the first phase of the $1.7 billion Green Square Town Centre.
Planning Minister, Kristina Keneally, said the selection of Mirvac/Leighton Properties to co-develop six hectares of the Town Centre represents a huge step towards realising the landmark project.
"The Green Square Town Centre will add vibrancy to Inner-South Sydney and promises to be a world-class sustainable urban environment, Sydney's first ‘global village'," Ms Keneally said.
"Construction of the Town Centre will begin in 2010 and when it is completed, it will provide over 2,500 homes and offices for 7,000 workers serviced by existing transport infrastructure. The project will create $3.2 billion worth of investment and 4,000 additional jobs."
Ms Keneally said Mirvac/Leighton Properties will be responsible for partnering with Landcom to deliver nearly half of the total gross floor area of the future Town Centre.
"The Town Centre will provide a mix of residential, retail and commercial development as well as the creation of public open space comparable in scale to Martin Place," Ms Keneally said.
"It will promote the highest standards of environmental sustainability including an abundance of green open space.
"I look forward to working with the City of Sydney as the Government makes this project happen, getting the concrete pouring on foundations for new shops, homes and offices."
Ms Keneally said that by the year 2031, the entire 280 hectare Green Square Precinct is expected to house 28,000 residents and 22,000 employees.
"The Town Centre will become the commercial, retail, transport and cultural hub for the wider Green Square Urban Renewal Area, which is the largest of its kind in Australia," Ms Keneally said.
"This is the kind of development, infill development, which will hold 70% of the extra 1.4 million Sydneysiders who will live here by the year 2031. The rest will live in Greenfield areas."
At the conclusion of Landcom's negotiations with Mirvac/Leighton Properties and execution of a commercial contract, the Department of Planning will review the proposal to ensure it meets Local Environment Plan objectives, particularly in the areas of sustainability and public infrastructure.
