FUTURE GEELONG: The Committee for Geelong reveals their ambitious plan for Market Square

The Committee for Geelong has revealed their vision for a redeveloped Market Square. SEE THE DESIGNS

Artist's impression of the redevelopment of Market Square in the Geelong CBD.

An ambitious vision for the redevelopment of the much-maligned Market Square shopping centre has been revealed.

A plan by the Committee for Geelong aims to restore the site to a vibrant meeting place for the community in the heart of the city.

The plan would include the demolition of the existing shopping centre and refurbishment of the site’s heritage buildings and clock tower.

It would also feature the creation of a 5000sq metre green public space for hosting markets and events.

A new high-rise apartment building would be built on the current car park site.

The committee’s chief executive, Michael Johnston, said the revitalisation of the Central Geelong required a “bold and creative step”.

He said Geelong had “many amazing spaces”, but lacked a “city heart”.

“There is only one location that makes sense for this to be located. There is no other site in Geelong located so centrally, sitting on a single title of land,” he said.

Artist’s impression of the redevelopment of Market Square

It comes after council released its draft masterplan for the redevelopment of the block, with the hope of sparking momentum for the site’s regeneration.

A growing number of retailers have abandoned the shopping centre in recent years, with only three stores left in its upper level.

Most recently Mind Games followed a familiar path tread by Adairs and Cotton On, moving its outlet across Malop St to Westfield.

Much of the blame for the centre’s slow demise has been placed on the its Singapore-based ownership group Davinski Nominees.

It is widely believed Davinski has been waiting for all leases to end before redeveloping the site into a mixed-used facility.

Davinksi purchased the centre from Geelong council for $32m in 1996

Any redevelopment would need input from the owners, or would require the state government to compulsorily acquire the site.

Support compulsory acquisition grew last year after then-Mayor Trent Sullivan and City Hall chief Ali Wastie were snubbed by Davinski representatives on a visit to Singapore.

Geelong business figures have since been agitating for the government to acquire the site.

It is understood at least $100m would be needed just to compensate Davinski should it be compulsorily acquired.

An additional $200m would likely be required for the development of the site.

Davinski would not comment about the proposed plans.

Artist’s impression of the redevelopment of Market Square

Mayor Stretch Kontelj has reopened dialogue with the owners, with the hope close collaboration will ensure the project’s success.

“The redevelopment of Market Square is crucial for the revitalisation of our CBD,” Mr Kontelj said.

“We need more people living in central Geelong, and a multi-level, mixed-use redevelopment of Market Square has the potential to transform the culture of our CBD.

“Now that Council have recommenced positive dialogue with Market Square’s owners, we are keen to work with them and other key players to make this happen.”

Mr Johnston said the current Market Square owners could choose to “embrace” the concept, or it could be picked up by other interested parties.

“Given the scale of the project, it would feasibly need to be a public-private partnership, with all levels of government working alongside a development partner to bring this vision to life,” he said.

“But our work has shown that this is feasible and could be delivered.”

Artist’s impression of the redevelopment of Market Square

The committee’s plan was developed by Tract Consultants with support from WT Partnership and Preston Rowe Paterson.

Tract’s senior principal town planner Simon Loader said the design was “shaping a place where our past and future meet” by building an urban park that “honours our history” and “enriches our present”.

Cam Hamilton, managing director of Hamilton Group, said that as a property owner in Central Geelong he was excited about the plan’s potential to transform the city centre.

“The proposed green space and residential development will not only enhance the liveability of Geelong but also attract significant investment and economic growth,” Mr Hamilton said.

Heather Thompson said she would like to see the site become “more of a town square”. Picture: Alan Barber

There is much community support for redevelopment of Market Square.

Heather Thompson, a small-business owner, said she would like to see the area turned into “more of a town square”.

“A community space that can be used by different groups, all ability groups, and a meeting place like they have for the jazz in the Botanic Gardens. It would give the place a bit more identity,” Ms Thompson said.

Bio-medical student Aster Medan said Market Square “should be a place where young people can hang out”.

Another shopper, Hamish Moore, said “a centralised park would be good, it would open this area up a bit.”

Mr Johnston said he hoped the project would create some of the urban renewal needed in Central Geelong to meet the community’s needs.

“We know there are several projects that can’t get off the ground in the current environment, and this is a circuit breaker, a project that would unlock over $1 billion in investment.”

Originally published as FUTURE GEELONG: The Committee for Geelong reveals their ambitious plan for Market Square