Sydneys Barangaroo waterfront developments is expected to transform the city into a world leading business and events destination.
The developments worth more than $7 billion will transform 22 hectars of former wharves and industrial space on Sydney Harbour into a public, residential, commercial CBD precinct to lure more international events.
"NSW businesses and the NSW Government are working closely together to ensure Sydney remains the Asia Pacific's leading business events destination for decades to come," Business Events Sydney CEO, Jon Hutchinson said at AIME yesterday.
"The developments represent a once in 200 year opportunity to transform Sydney's CBD waterfront precincts for the business travel market and leverage the next phase of Sydney's economic growth."
The proposed $550 million redevelopment of the entertainment centre in Darling Harbour will also include a new Sydney Multifunctional Convention and Entertainment Centre, after demolishing the existing Sydney Entertainment Centre.
A further $860 million redevelopment and repositioning of Star City will also transform the area into a world-class venue, adding a further 3000 seated capacity multi-purpose Events Centre, a further 172 room hotel plus several new upscale restaurants.
"BE Sydney has secured an estimated $530 million of economic impact for NSW in coming years," Mr Hutchinson said.
(Source: ETBMICE.com 17th February 2011)
