CONSTRUCTION of a new $75 million arts precinct next to Hobart's Theatre Royal is a step closer, with the Federal Government last week confirming a $37 million grant for the Academy of Creative Industries and Performing Arts under the Education Infrastructure Fund regional priorities round.
Tasmanian Premier Lara Giddings last week joined Federal Minister for Tertiary Education, Skills, Science and Research, Chris Evans, and University of Tasmania Vice Chancellor, Peter Rathjen, to celebrate the project being given the green light.
UTAS will invest $22.9 million, while the State Government will contribute $15.2 million, which includes land valued at $2.3 million, $900,000 for archaeological investigations and $12 million for the facility.
"With funding now secure, we look forward to this project progressing from the planning to construction phase," Ms Giddings said.
"It is estimated that the project will create 255 jobs during construction along with $660 million in direct and indirect economic benefits over the next seven years."
Ms Giddings said the development would see the construction of a new Conservatorium of Music, along with the rejuvenation of Australia's oldest working theatre.
"This is an exciting project for the Theatre Royal which will include the construction two new flexible theatre spaces, greatly improved amenities, disabled access and expanded foyer space," Ms Giddings said.
"The Academy will play an important role in cementing Tasmania's reputation as a must-visit tourist destination and a centre for excellence in arts and entertainment."
The Premier said the project joins a growing list of projects on the Hobart waterfront either underway or soon to begin construction, including Macquarie Wharf Number 2 and Parliament Square.