The Sydney inner-city waterfront is set to be revitalised by an urban renewal project currently being considered by the state government.
The plan would see new housing, recreation, retail and commercial facilities built along a 5.5 kilometre stretch of waterfront in the Bays Precinct.
Premier Mike Baird said the project would regenerate the currently disused land along Blackwattle Bay, the Fish Market, Rozelle Bay and the White Bay Power Station.
“The Bays Precinct is just two kilometres west of the Sydney CBD, and presents possibly the most exciting and ambitious urban renewal and city-building opportunity in the world today,” he said.
“At the moment we have an urban wasteland that is four times the size of Barangaroo sitting right next to the world’s greatest harbour.”
According to the Property Council, early estimates for the project predict 15,000 new residential properties may be constructed in the area.
UrbanGrowth NSW CEO David Pitchford said the project rivalled the Sydney Olympics in scope.
“It represents a game changer for Sydney, with the potential to create the next big destination after the iconic Sydney Opera House. It’s an area that everyone in Sydney knows has been largely neglected for too long,” he said.
The New South Wales government has convened a summit to discuss options for the region.