The Fishermans Bend area, on a peninsula to the south west of the CBD, will be the largest urban development site in Australia’s history, according to planning minister Matthew Guy.
"The precinct expands Melbourne's capital city zone by more than 50 per cent and is expected to eventually accommodate around 25,000 jobs and in excess of 40,000 residents,” Mr Guy said.
At 240 hectares, the new zone will be larger than any of the Melbourne CBD’s existing developments, such as Southbank or Docklands.
It will also be 10 times the size of Sydney’s Barangaroo project, according to Mr Guy.
At present, three planning permits have already been approved and 17 more are under consideration, meaning over 9,000 apartments could be in the pipeline, Mr Guy said.
An expansion of the rail network will provide access to the new suburbs from the existing CBD area.
The rail project will encompass tunnels from Southern Cross to South Yarra, two new underground stations, a rail link to Melbourne airport and several train-tram interchanges.
“The largest urban renewal project in Australia must have a railway station,” Mr Guy said
“Providing this vital heavy rail service to Fishermans Bend is a priority of the Coalition government and will meet the needs not only of this new community but also the expanding Southbank area.”