Sydney’s City Gate developer says it will offer a $200 million offer for the green city development site at a price of $2.6 billion to the city’s development authority.
The deal is expected to be approved in the next week.
“We are going to have a new development project in the city of Sydney that is going to be built for the Green City,” Michael Azzopardi, the founder of Green City Development, said on Thursday.
The project will see a 1.5-kilometre greenway constructed from the corner of Parramatta Road to the Westgate Shopping Centre.
“The City Gate project is the largest green development project on the Sydney metropolitan area, which is why it is so important that we get this project approved,” he said.
The $2 billion project, expected to begin construction this year, will include a greenway, parkland and other infrastructure to help pedestrians, cyclists and motorcyclists.
The land at City Gate, which will include an 18-hole golf course, was originally acquired from the state for a new public parkland facility in 2014.
Azzopardii said the development had been put on hold after a number of “unforeseen issues”.
The Sydney Development Corporation is the agency that owns the land.