Owned by the NSW State Government and managed by the Barangaroo Delivery Authority, the former container port is to be transformed into a 22 hectare financial, residential, retail and community destination.
The cost of the transformation is estimated to be $6 billion and the waterfront precinct will inject more than $1.5 billion into the NSW economy annually.
It is estimated that 23,000 people will occupy the Barangaroo precinct for both living and working purposes. It is expected that around 33,000 people will visit Barangaroo each day and over 12 million people each year.
The site has been divided into three development areas, the Headland Park, Barangaroo Central and Barangaroo South. The Barangaroo master plan will also include a fully integrated public transport system.
Construction of Barangaroo South commenced in 2011 and construction of Headland Park commenced in 2012.
The entire precinct is expected to be completed in 2023.
Headland Park will consist of 6 hectares of primarily green space, with a continuous waterfront promenade.
The entire headland foreshore will be edged with 5,000 tonnes of sandstone, which will be excavated from the site.
Currently located in the Headland Park site is the former Sydney Ports Harbour Control Tower which has not been used since 2011. The Barangaroo Delivery Authority is seeking approval to demolish the structure.
"The Authority considered a number of options for the tower, including adaptive reuse for tourism opportunities and artistic interpretation, however due to its limited access, occupational health and safety requirements and significant costs the Authority is seeking planning approval for its demolition,” said CEO of the Barangaroo Delivery Authority, John Tabart.
This stage of the redevelopment is currently under construction by Baulderstone and is scheduled to be open by mid-2015.
Central Barangaroo features a 5.2 hectare site situated between Barangaroo South and the Headland Park. The former temporary cruise passenger terminal will incorporate large public spaces, cultural and civic components alongside commercial development.
It will be the last piece of Barangaroo to be developed and is expected to occur over a 5-10 year period. Stage 1, the waterfront promenade and interim public domain, will be completed in 2015, with the remainder to be completed by December 2021.
The Barangaroo Delivery Authority have selected American architectural and engineering firm Skidmore, Owings & Merrill and Andersen Hunter Horne to complete the master plan of Central Barangaroo.
Lend Lease have been selected to develop the 7.5 hectare site of Barangaroo South.
This precinct will include premium grade office space featuring large floor plates up to 300,000 square metres.
The planned office space has been titled the International Tower Sydney and will consist of three iconic high rise towers designed by acclaimed architects Lord Richard Rogers and Ivan Harbour from Rogers Stirk Harbour and Partners.
With tenants including Westpac, KPMG, LendLease, PwC and HSBC, the project will enchance Sydney’s position in the global financial market.
Construction of tower 2 has commenced and level 22 has been painted green to celebrate the building receiving the Green Building Council of Australia's 6 Star Green Star rating.
The residential aspect of Barangaroo South will include a mix of approximately 800, high and medium rise apartments to be delivered in stages. This will house a community of around 1,200 people.
The retail side to Barangaroo South will vary from high end boutiques and dining destinations, to local shops, banks, travel agents, a medical centre and child care facilities.