Urban Renewal- The redevelopment of an urban area.
Since 1992, the 100-hectare peninsula of Pyrmont-Ultimo has been the subject of major master-planning, intensive infrastructure and property development that is expected to result in the residential population increasing from 3,000 originally to 20,000 by 2021. The Ultimo-Pyrmont re-development is part of a government-led Urban renewal program (now administered by the Sydney Harbour Foreshore Authority- SHFA), which in turn is part of the ‘Better Cities Program’, a long-term program initiated by the Commonwealth Government in 1991. It aims to improve urban management processes through partnerships between the three fields of government, the private sector and the community. The major objectives are to improve the economic efficiency, social equity and environmental sustainability of Australia's cities.
In that year, $18.2m of infrastructure work was completed – part of the $241m was allocated for renewing the district, funded by federal and state governments through the ‘Building Better Cities’ program.
It was an urban redevelopment project of a scale never before undertaken in Australia.
The Industrial Age has turned into the Information Age. Ultimo + Pyrmont was a peninsular of shipyards, iron foundries, woolstores, refining mills and coal power stations. Now it is home to e-commerce and electronic media. New technologies have replaced the old. From an estimated workforce of 10,000 people in 1986, the working population has increased to 21,506 according to 2001 Census figures. A planned 26,000 jobs will be based in the two suburbs by 2021. Telecommunications and entertainment companies that have moved into the precinct include Network 10, ABC, Foxtel, Australis, Galaxy TV, Star City Casino and radio stations Nova, 2SM and 2GB. Educational institutions include Sydney TAFE, University of...