One area is set to undergo a $350 million redevelopment and urban renewal, according to the Victorian state government.
"The McNab Avenue development by Grocon will help transform the under-utilised site into a vibrant, innovative and cutting edge mixed-use development in the heart of Footscray," Mr Guy said.
"This development is just the start of Footscray's urban renewal with other projects being planned in the Joseph Road Precinct in central Footscray and other sites being developed by the private sector and Places Victoria."
Noted as a ‘Central Activities Area’, Footscray is ‘essential’ to accommodation growth in jobs and new home demand.
In total, 1,200 relocated employees will be moved to this new development by 2014, with 300 jobs created during construction.
Offices and other commercial premises are also being built.