The $1.6 billion plan that would have built a three-hectare block opposite Parramatta Railway Station, in the central business district, ended after six years of being in the planning stages.
Lord Mayor of Parramatta, Lorraine Wearne, said that the project was not viable for a single developer after the global financial crisis.
However, she said that the redevelopment of Parramatta is still very much alive, and there is still opportunity for it to go ahead. The agreement that fell through with Council was solely that with development company Grocon.
The new plan from the Council is for several smaller projects to be run, as opposed to one big project, to minimise the risk.