THE NSW Department of Planning will consider plans for a $1 billion residential and commercial redevelopment around North Ryde Station in Sydney's inner north that could potentially provide for over 3,000 new dwellings and more than 50,000 square metres of retail and commercial floor space.
The proposal for the 14 hectare precinct within the Macquarie Park Specialised Centre was submitted by the Transport Construction Authority (TCA).
The precinct is made up of four separate sites bounded by the M2, Epping Road and Delhi Road and is located within 800 metres of North Ryde Station, with part of the site also being accessible to Macquarie Park Station.
The plans include development of a number of buildings for mixed use and residential purposes of up to 30 storeys in height.
Planning Minister Tony Kelly said the proposal was a clear example of the government implementing its Metropolitan Plan, with the "potential to deliver a significant boost to the stocks of housing and jobs in Sydney's inner north, keeping housing prices down and delivering jobs closer to home."
"North Ryde Station and the surrounding land are currently under-utilised and development of the site would go a long way to meeting the targets of 30,000 new dwellings and 60,000 new jobs that are needed in the inner north by 2031," Mr Kelly said.
The government will consider the site as a potential State significant site and has also allowed for the lodgement of a concept plan for the overall staged development proposal.
"The lodgement of a concept plan will allow the creation of a holistic planning framework for the entire site including open space, site accessibility, connectivity to North Ryde Station and a staging and delivery program," Mr Kelly said.
TCA is also seeking concurrent project approval to commence construction of the first stage of the project which includes delivery of key road and pedestrian access and utility infrastructure.