A Mirvac-led consortium has been selected to revitalise an inner-Sydney technology precinct into a hub which will include subsidised space for startups and a "local village".
The $1 billion renovation being proposed for the Australian Technology Park (ATP) near Redfern will include 93,000 square metres of office space, retail outlets, childcare and a multipurpose community space.
The NSW government awarded the tender to develop the precinct to AMP Capital, Sunsuper and Mirvac.
Mirvac, along with the Commonwealth Bank and Centuria, will also establish a Tech Incubation fund to encourage tech start-ups in the park.
Additionally, up to 75,000m sq of floor space capacity will be reserved for future technology uses.
Mirvac's CEO, Susan Lloyd-Hurwitz, said the consortium was committed to "unlocking the potential" in the site.
"We are committed to making a substantial investment in activating the Australian Technology Park to ensure it becomes part of the local village, with a local supermarket, cafés, a community building and upgrades to the public domain to be delivered," she said.
Commonwealth Bank's Chief Financial Officer David Craig said it would use the office campus to house thousands of its employees.
"Moving to the transformed Australian Technology Park will put 10,000 of our people in the heart of a growing technology hub, providing us with a significant opportunity to partner and collaborate with universities, start-ups and other innovative companies," he said.