THE Tasmanian Government last week said its plan to drive economic growth and create jobs has taken another step forward, following the official launch of the Masterplan for the Macquarie Point site.
In a statement, State Growth Minister Matthew Groom said the site has the development potential to unlock more than $800 million in new investment while creating thousands of local jobs.
"The project will deliver economic, social and environmental benefits to Hobart and the people of Tasmania, and will further showcase our state to national and international investment and tourism markets," Mr Groom said.
"This Masterplan comes at a time when there is very strong demand for development opportunities in Tasmania and paves the way for Hobart's historic waterfront to become a prime development opportunity.
"The Masterplan for the site is underpinned by the Shared Vision for the Redevelopment of Macquarie Point released last year, and focusses on the importance of delivering the best possible economic, social and environmental outcomes for the site and for Tasmania."
According to the Minister, the Masterplan has been informed by market demand analysis, contamination investigations, geotechnical surveys, traffic modelling, place making and landscape architecture as well as consultation with a number of stakeholders including Hobart City Council and Tasports.
Following public comment, the second phase of master planning will be extended to include sustainability and water sensitive urban design.
"The Commonwealth Government has previously committed $50 million to the remediation of the area, after its long history as railyards and associated industry. However in order to maximise the development opportunity for the site, we have to address the inherited issue of the wastewater treatment plant," Mr Groom said.
"If the wastewater treatment plant remained, the expected development at the site would be limited to light industrial and be valued between $115 million and $170 million over 25 years. With the wastewater treatment plant decommissioned, the expected development will be valued at more than $800 million over 15 years.
"The Government has therefore stepped in and is working with the Macquarie Point Development Corporation and TasWater to resolve the issue. We have jointly signed a Memorandum of Understanding detailing our shared commitment to decommission the plant, and to work together towards that goal.
"Macquarie Point Development Corporation will contribute up to $5 million so that TasWater can immediately commence the engineering and design works for the decommissioning.
An expressions of interest process for development proposals for the site is expected to be launched before the end of the year.