The redevelopment at the southern end of Sydney's CBD will be built over 20 years and cover a 24-hectare site to include office space and housing, as well as new city connections.
NSW Premier Dominic Perrottet revealed the plans on Monday, saying they would utilise unused space over the current rail corridor to deliver a vibrant destination and provide much-needed space for the expansion of the city centre.
"We have a once-in-a-generation opportunity to reimagine this iconic part of our CBD and transform it into a world-class precinct of shops, restaurants, office spaces, parkland and additional housing," Mr Perrottet said.
"Our vision will convert Central precinct into a must-visit part of our city for locals as well as for domestic and international tourists.
Infrastructure Minister Rob Stokes said the Central Precinct Renewal would extend the southern CBD and "shape almost 24 hectares of empty space into something magnificent" with plans for a deck, buildings and pedestrian bridges to stretch over rail lines.
"The masterplan celebrates the heritage of the precinct while also offering a grand new public square, three new parks, new community and social services hubs as well as at least 30 per cent of affordable and diverse housing," he said.
Key features include:
* 850 new dwellings, including 15 per cent affordable housing and an additional target of 15 per cent diverse housing.
* 15 new buildings, ranging in size and scale from four to 34 storeys for a tech and office space, hotel and residential, bars, restaurants and cafes, education, community and cultural uses.
* More than 60,000 square metres of public domain including parks, squares, plazas including Central Square, Central Green and Mortuary Station Garden.
The community will have the opportunity to provide feedback on the proposal until September 19.
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