The final piece of land in Honeysuckle's 30-year transformation has been unlocked as registrations open to develop the last three hectares in the precinct.
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The NSW government is seeking interest to design and redevelop the space dubbed Honeysuckle HQ at the western end of the precinct, which is currently used for car parking.
It is the last remaining waterfront site in the city centre.
Minister for Planning and Public Spaces Rob Stokes said the site was the "centre piece of everything we have been working towards in Newcastle".
"It is the dynamic gateway connecting the region to the new city centre with a revitalised transport interchange and waterfront area," Mr Stokes said.
"The revitalisation of Honeysuckle has already attracted $1 billion of private investment and I hope in this process it will attract the right developers who continue to put people at the centre of the foreshore."
The project will incorporate ideas from the community raised through consultation last year, which included mixed-use development, connection to transport and the waterfront, open space, places to visit day or night, business and employment, quality architecture, sustainability, heritage and culture.
Parliamentary Secretary for the Hunter Taylor Martin said the project would further diversify Newcastle's economy and provide enterprises that attracted locals and visitors to the waterfront.
"We want Honeysuckle HQ to help grow the local and regional economy, delivering tourism, destination retail and short stay accommodation and to inject new activity," he said.
"One of the objectives of Honeysuckle HQ is to create a great place that is connected.
"The site has the benefit of being close to transport, employment and the University of Newcastle campus.
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"Green space will surround the precinct including two hectares of harbourside land for community spaces including a waterfront promenade, the Cottage Creek naturalisation and two new parks including Honeysuckle Park that opened in July."
The development is part of the Honeysuckle Urban Renewal project, which is being led by the Hunter and Central Coast Development Corporation (HCCDC).
HCCDC Chief Operating Officer Valentina Misevska said this final piece of the project had been "years in the making".
The corporation has invested $55million to enable the transformation, including building new seawalls, realigning Honeysuckle Drive and planning the delivery of 2ha of public domain.
Ms Misevska said the Honeysuckle HQ would be a "landmark and mixed-use destination" and the aspiration was to see the space transformed into a "unique and enviable destination that has something for everyone".
Registrations of Interest will be followed by a Call for Proposals process next year.
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