The City of Melbourne’s Greenline project—a four metre-wide trail along the north bank of the Yarra—could spark a billion dollar investment surge, according to the just-released business case.
Construction of the 4km promenade of parks, open spaces, cultural activations and environmental renewal between Birrarung Marr and the Bolte Bridge will be underway next year.
The north bank of the Yarra through the City has seen little investment in either active transport infrastructure or in environmental improvement.
The Greenline is set to correct that, and according to the business case assessment by Ernst & Young, will be transformative for the central city.
The study reports that the Greenline Project could draw more than 1.1 million additional visitors to the city every year, spending more than $23 million annually on shopping, dining and supporting local businesses.
Additionally, 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.
The findings reflect the experience of cities around the world that have tapped the powerful thirst of communities for active experiences with bike and walking paths combined with parklands and attractive urban environments free from traffic.
Ernst& Young says that 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.
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 starting in 2023.
Total cost is estimated at $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.
Lord Mayor Sally Capp said: "The Greenline Project will revitalise the north bank of the Yarra River – creating thousands of jobs, attracting waves of new visitors, and injecting millions of dollars into our economy.”
“We need to be ambitious – and this is exactly the sort of project Melbourne needs to grow, drive investment and cement our position as Australia’s most liveable city.”
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