The development will be one of the largest urban renewal projects in Australia.
About 5,700 new homes have been built since 2000, bringing in almost 11,000 more residents. By 2030, Green Square is expected to attract 40,000 new residents and 22,000 new workers.
Mirvac and Landcom, together with the City of Sydney will develop the Green Square Town Centre, over a 6 hectare site.
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The Green Square Town Centre is anchored around 2,000 apartments, up to 14,000sqm of main street shopping and around 50,000sqm of commercial space.
Green Square Town Centre will house approximately 5,500 residents in 10 years time alongside a workforce of 7,000, whose offices will be situated in the precinct, extending Sydney’s existing employment centre beyond the city's CBD core.
Leighton Properties, one of the three developers, said the Town Centre would create a clean and green new community, integrating water management, energy efficiency, good public transport accessibility and long-term economic viability.
Leighton Properties also said the redevelopment area will be a place for shopping and entertainment, as well as a hub of restaurants and cultural and community activities.