Developer Lend Lease’s approved proposal for the site includes nearly 150,000m2 of residential floor space, with the capacity to accommodate an estimated 1,360 new dwellings and 422 student units. There will also be almost 50,000m2 of space for commercial or retail use, a major pedestrian boulevard, new streets and lanes to improve access.
More than 2,000 construction jobs and more than 2,000 ongoing jobs will result.
The new neighbourhood will be between Chinatown and Darling Harbour and will stand partly on the current Entertainment Centre site. It is a key component of the new Sydney international convention, exhibition and entertainment precinct.
“This is a green light for planning and full steam ahead for the remaking of Haymarket as part of our magnificent world city,” said NSW minister for planning and infrastructure Brad Hazzard. “Haymarket will be the hip place to be – a lively new inner-city residential and business community with new public spaces for the broader community.”
Public submissions made during the exhibition of the concept proposal had identified several key issues, including overshadowing, privacy and view loss but the department’s assessment report concluded that these impacts are acceptable.
Lend Lease has also lodged development applications for individual student accommodation, residential and commercial office projects within the new neighbourhood. These will need to be approved before construction can begin.