The project to transform Macquarie Point took another step forward today, with the Macquarie Point Development Corporation advertising for its Expression of Interest process for development of the 9.3 hectare site.
The process of selecting appropriate developers is expected to take around 12 months, with development commencing before the end of 2017.
Announcing the opening of expressions of interest today, Tasmania’s Minister for State Growth, Matthew Groom said Macquarie Point was set to become a truly iconic community space, unlocking hundreds of millions of dollars of investment and creating thousands of jobs in the process.
“Hobart is about to enter one of its most exciting, innovative and productive phases, with developments happening right across the city—and at the heart of it all will be Macquarie Point.
“It will become an absolute focal-point for the entire city,” Mr Groom said.
Since taking over the site in August last year, the corporation has worked quickly to implement a masterplan, outline a process for site remediation and begin site works to make the area ready for development in 2017. That is a remarkable turnaround, especially for a project this complex and sensitive.
Potential developers will now be able to register to participate in the EOI process from 16 December 2015, and will have until late March 2016 to lodge their EOI before it is assessed by an expert, independent evaluation panel.
Proposals will need to be consistent with the objectives of the Macquarie Point masterplan, have a positive impact on the broader Hobart environment, complement—and not compete with—the surrounding area and the Hobart CBD, and be distinctive as well as respectful of the city’s historic architectural fabric.
Developers will be asked to show, among other things, the broad concept of their proposal and details of their development credentials and financial standing.
In May 2016, successful EOI applicants will then be asked to submit a formal Request for Proposal, which will involve the preparation of a detailed proposal and business case. From there, the best proposals will be selected and final agreements will be negotiated prior to a development commencing.
Each project will be critically evaluated based on its merits in terms of environmental and social impacts, the integrity of its design and amenity, and its economic and financial value.
The corporation is hopeful preferred developers will be selected in December 2016, with work on the first projects commencing in 2017.
“I am excited by the prospect of what we might see on Macquarie Point in the years to come, said Mr Groom, “and I look forward to being part of what is a game-changer for Hobart and Tasmania.”