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Confirming a deal under a new public-private partnership, construction is set to begin on a multi-billion dollar transformation of Sydney’s Darling Harbour.

Known as Darling Harbour Live, the project will consist of a new convention, exhibition and entertainment facility and a harbourside hotel. Plans also call for a mixed-use development complete with residential, commercial, restaurants and retail.

According to Andrew Stoner, acting premier, the project will generate $5 billion to the local economy over the next 25 years while providing 3,700 construction jobs.

“With final planning approval granted for the core facilities, construction will now begin on the newest, biggest and best exhibition and convention facilities in Australia,” said Stoner. “Over the next three years, Sydneysiders will see up to 10 cranes dot the skyline as Australia’s largest and first integrated major event facilities begin to emerge.”

While construction is ongoing, Sydney’s major exhibitions will relocate to the Sydney Exhibition Centre @ Glebe Island.

Construction is expected to be complete by 2016, according to project officials.

For more information, visit www.darlingharbourlive.com.au.

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