Leighton Properties has signed an agreement with development partners Landcom and Mirvac Group for the next phase of the $1.71bn development of the Green Square Town Centre in Sydney, Australia.
The town centre is part of New South Wales Government’s Green Square urban redevelopment.
The 5.1ha Green Square Town Centre core sites, located 4km from Sydney’s central business district, will be transformed into an urban village featuring residential, commercial and retail space.
Leighton Properties managing director Mark Gray said the precinct will become the centrepiece of this new commercial, residential and retail hub.
"We’re expecting the Green Square precinct to create around 7,000 jobs, provide new homes for around 5,500 people and generate approximately $3.2bn to the wider economy both during and after construction," Gray said.
Upon completion, the development will have a total floor space spanning about 210,000m², including 1,600 residential units, 12,000m² of retail space and up to 48,000m² of commercial space.
The centre will interlink public domains, from green, open spaces to piazzas and will include several public spaces for community events, outdoor activities and cultural celebrations.
It will also feature a retail mix comprising restaurants, bars, fresh food, essential services and entertainment options to create a village atmosphere, according to Mirvac. Cycleways and walkways will also be installed to make moving around easy.
Construction is expected to start in the second half of 2012 following approval and the development is planned for delivery over ten years.
Mirvac said the planning proposal for the concept was endorsed by the Central Sydney Planning Committee and City of Sydney Council in December 2011.
Leighton and Mirvac have already worked together on 18 Marcus Clarke Street in Canberra, a commercial building development.