New research shows Green Square is on track to become Australia’s largest urban renewal area, putting increased pressure on State and Federal Governments to match the City of Sydney’s infrastructure commitments.
City of Sydney research shows that apartments, shops and workspaces built or planned for Green Square will cover 4.1 million square metres, and that investment has grown to $13 billion, up from the 2009 $8 billion valuation, while the estimated number of residents who will live in the area by 2030 has increased from 54,000 to 61,000, with around 21,000 jobs.
Lord Mayor Clover Moore said it was important to make inner city residential development appealing as we can’t afford to continue to develop our food basin.
“Green Square will provide convenient access to employment, quality open space and community infrastructure, easy access to local shops, a rich cultural life and buildings guided by the principles of design excellence,” she said.
“To make sure residents can find work close to home, the City is protecting adjacent employment land for industry, business and jobs—and to provide affordable rental housing to address a critical shortage of affordable housing in Sydney.”
“To ensure the success of Green Square, the City is investing more than $540 million in roads, stormwater, footpaths, street furniture and community facilities including childcare, a new library and plaza, new parks and playgrounds, an aquatic centre, affordable housing and creative spaces.”
“We’ve also provided $40 million to secure most of a transport corridor for light rail and we are now working with Transport NSW to assess funding models and route options to progress the development of this urgently needed network.
“Trunk drainage, also a State responsibility, took years of negotiating before Sydney Water finally agreed to fund just 47 per cent of the cost in 2013. The City is funding the rest of the estimated $100 million project because without it in place flooding risks would prevent planned development and infrastructure going ahead.
The Lord Mayor said that the new research has highlighted the accelerated pace of development and the urgent need for new schools as well as transport to service the area.
“The NSW Government has not allocated funding or revealed where the local primary and high schools will be located for the children of the tens of thousands of new residents in Green Square.”
“With worsening traffic congestion there’s an urgent need for mass transit, which is why I’m pleased the Transport Minister has recognised a light rail line is needed.
“We will do everything we can to ensure Green Square is a great place to live for our existing residents and new people moving in, and we will continue our advocacy for the Green Square community.
“I will ensure that as the area grows, block by block, project by project, the City will uphold our very clear commitment to architectural quality, liveability and sustainability.
“Green Square is an incredibly important development for all levels of Government – it is strategically located in the global economic corridor, between the CBD and the airport. In other countries local, state and federal governments would co-ordinate and fund in advance the essential infrastructure for such a critical new development, but not in NSW,” the Lord Mayor said.