Queensland Deputy Premier Steven Miles on Friday unveiled the bold $2.7 billion plan, accepting a project validation report that will revamp the iconic stadium.
Demolition work is set to start after the Gabba's Ashes cricket Test in 2025 - 130 years after the Brisbane sporting venue was first established.
The stadium will be out of action for four years, meaning AFL side Brisbane and Queensland Cricket will need to find makeshift home grounds.
AFL and cricket teams will need to find a new venue while the Gabba is rebuilt. (Dave Hunt/AAP PHOTOS)
A rebuilt Gabba was considered the best option after a 2018 taskforce report found it was a "tired" venue which would reach the end of its useful life by 2030, the Queensland government said.
The new-look Gabba is expected to start hosting events by 2030 - well before the Games.Â
"The project validation report assessed four possible options for the Gabba and identified that a demolition and rebuild provided the best possible outcome, the best value outcome for the city," Mr Miles said.
The Gabba's capacity will be boosted from 42,000 to 50,000 for sporting events by the time it hosts the 2032 Olympics and Paralympics.
It will be able to host up to 80,000 for concerts and events.
Tenders for construction of the rebuild would be distributed as soon as 2024, Mr Miles said.
The new-look Gabba will feature three new pedestrian bridges as part of Queensland's biggest urban renewal since South Bank's post-Expo 88 redevelopment.
The Gabba's capacity will be boosted from 42,000 to 50,000 for sporting events. (HANDOUT/QUEENSLAND GOVERNMENT)
The stadium will become the centrepiece of a revamped broader Woolloongabba precinct with retail, dining, housing and open space Mr Miles suggested be called East Bank.
"It will be a well connected stadium but most importantly, it will trigger the urban renewal that we want to see ... it will be one of the best parts of the city to live in," Mr Miles said.
Under a development plan, the Gabba, Cross River Rail and Brisbane Metro public transport will connect to South Bank, the Brisbane CBD and a new Roma Street Arena.
Mr Miles said they were working with sporting organisations and hoped to determine in coming months where they could play during the rebuild.
He said the government would consider compensation for lost ticket sales for playing at smaller venues.
Construction is set to start in 2026 with a 90 per cent likelihood of being delivered within budget, Mr Miles said.
The stadium will become the centrepiece of a revamped broader Woolloongabba precinct. (Darren England/AAP PHOTOS)
Federal treasurer Jim Chalmers said southeast Queensland had a chance to become the nation's most dynamic economy with the Gabba rebuild and 2032 Games.
Dr Chalmers and Mr Miles were seeing eye-to-eye at Friday's Future Brisbane event, barely a week after the state government slammed their federal Labor counterparts over "outrageous" infrastructure funding cuts.
"I find it not ... controversial that this terrific state government would want more money from the feds for infrastructure," Dr Chalmers said.
"I don't see it in political terms. I see it as two governments trying to do the best they can for the people they represent."
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