A pier site at Walsh Bay in central Sydney will soon be acquired by the NSW government. Construction will follow, converting the place into a performing arts and cultural precinct.
According to Premier Kristina Keneally, the government will sign a contract for a 99-year lease for NSW Maritime's Pier 2/3, which will be a part of a so-called "cultural ribbon" stretching from the Sydney Opera House until Barangaroo.
The pier, when redeveloped, will be home for Australian and international artists, arts companies and performing arts venues.
"Today we are locking away this fantastic Sydney Harbour venue for the arts," Ms Keneally told reporters.
"This is a terrific precinct and it's going to be used in a magnificent fashion for our artists, for our performers, for the international arts community."
Actress Cate Blanchett was present during the announcement. She represented the arts community and thanked the government for patronizing the sector. She said that this pier is the missing link to the artistic hubs in the Walsh Bay area.
"There's so much creative energy in Sydney and so for the missing link, which is Pier 2/3, to finally be activated is a really, really exciting development," Blanchett said.
An expert panel will decide on the site's use and will seek advise from the arts sector.
Ms Keneally said that the panel will likewise seek "complimentary" private sector investment to help compensate the expenses for the redevelopment.
"We're not looking to turn this place to a generic office block - not at all," she said.