Three hectares of prime land in the eastern section of Federation Square will soon be open to the market for development.

An EOI will be released on 15 September, calling for bidders keen to develop the site which includes the Jolimont railway lines and new public space on the Yarra’s edge.

Bids close in December.

Industry experts suggest it will cost about $350 million to deck over the rail lines but it has been suggested that the project could be achieved at little to no cost to taxpayers.

Major Projects Minister David Hodgett has been quoted in the Herald Sun as saying that proposals must have strong public benefits.

“We want the best value for money possible for taxpayers, a financially viable development and a fantastic civic outcome for Melbourne,” he said.

Allowing mixed-use development with shops and accommodation should lower taxpayer costs. The EOI documents say bidders must express their ‘willingness to accept project risks, terms and conditions’.

Master Builders CEO, Radley de Silva, said the project was a good opportunity for builders.

“The location of this development would provide huge exposure for a company with an innovative idea,” Mr de Silva said.

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