A capital city redevelopment is a one in 100 year opportunity for the area, according to the state government.
Hobart’s railyard redevelopment to help develop an iconic feature for the waterfront has the potential to be a Docklands, Melbourne or Barangaroo, Sydney, equivalent, according to minister for infrastructure, David O’Byrne.
A Hobart Waterfront Development Corporation will be established to oversee the process.
"Given the scope of the project, and its significance to Hobart's iconic waterfront, it's important we get it right,” Mr O’Byrne said.
"We've seen other capital cities around Australia positively transformed by large-scale multi-use development on their waterfronts.”
Premier Lara Giddings has also welcomed the redevelopment, saying that it is an opportunity for a much needed revitalisation of the city.
"This is literally the gateway to Hobart, be it by car or cruise ship, and we now have a once-in-a-lifetime opportunity to create a development that makes a striking and enduring first impression,” said Ms Giddings.
The 8.4ha project has been given $50 million of Federal Government funding, but the redevelopment is ‘ultimately some years away’ until completion, said Mr O’Byrne.