FEDERAL Infrastructure and Transport Minister Anthony Albanese last week announced $50 million in funding to remediate the Macquarie Point Railyards site for future development.
Mr Albanese said the remediation of the 8.4 hectare site on the doorstep of Hobart's CBD, is a once-in-a-lifetime opportunity to unlock and capture its economic, cultural and tourism potential.
Tasmanian Premier Lara Giddings said the waterfront site had huge social and economic potential and provides an exciting opportunity to transform a part of the waterfront that has not been accessible to the public before.
"This builds on the work the Tasmanian Government has done since 2009 to make the Hobart waterfront a dynamic and inviting place that attracts people to work, socialise and live - including the $15 million redevelopment of Princes Wharf Number One, the IMAS development and the work that will soon begin on the Macquarie Wharf Number 2 shed," Ms Giddings said.
Economic Development Minister, David O'Byrne, said other capital cities around Australia have been positively transformed by large-scale multi-use development on their waterfronts, citing Melbourne's Docklands and Sydney's Barangaroo project.
"Ultimately, redevelopment is still some years away, and will involve close consultation with the Hobart community," he said.
According to the Tasmanian Government, once remediated, potential developments on the site could include inner city living, tourism development, education, science and research, arts and cultural development and public open space.
Mr O'Byrne said the package also includes upgrades to Brooke Street Pier that will benefit local ferry and cruise services.
The $50 million funding agreement follows a recent grant from the Federal Government's Liveable Cities program to help fund a major economic study into the potential and future use of the site.