The City of Melbourne today publicly released the much-anticipated business case for the Greenline Project, revealing the once in a lifetime plan will create significant economic, social and environmental benefits for Melbourne.
The city shaping Greenline Project is expected to deliver more than $740 million in net benefit to Melbourne, with a triple return in investment.
Prepared by Ernst & Young, the business case estimates a benefit to cost ratio of $3.29 for every dollar spent, with the project expected to attract an additional $1.9 billion of private sector investment.
The Greenline Project will create more than 3,400 jobs during construction, and more than 6,400 ongoing jobs by 2042. The economic uplift is tipped to deliver 110,000m2 of new commercial floor space and 4,000 additional residential dwellings.
Over the next 20 years this investment is forecast to generate $1.7 billion in total value-added economic output, and an estimated $1.2 billion in total economic benefits for Melbourne’s economy.
It’s expected the Greenline Project will also attract more than 1.1 million additional visitors to the city every year, who will spend more than $23 million annually. That means more people shopping, dining and supporting local businesses.
The project will also acknowledge and celebrate Aboriginal culture and knowledge, with Aboriginal stories that support truth-telling and identity and preserving 11 heritage sites.
The Greenline Project is a transformative vision for the North Bank of the Yarra River – Birrarung, creating a 4km promenade of parks, open spaces, cultural activations and environmental renewal between Birrarung Marr and the Bolte Bridge.
The project will be split into five inter-connected precincts – Birrarung Marr, The Falls, River Park, Maritime and Saltwater Wharf.
Delivery of the project will take place in stages, with work on Site One at Birrarung Marr to commence in 2023.
The Greenline Project is expected to cost $300 million, with $140 million already committed as part of the City of Melbourne’s Budget 2022-23, including $20 million from the Federal Government.
The City of Melbourne will use the business case to engage with business, industry and government and seek formal partnerships, funding arrangements and further collaboration on the project.
The Greenline Project business case will be considered by Councillors at the Future Melbourne Committee meeting on Tuesday 6 September.
