Lend Lease has been selected as developer for Stage 1 of Barangaroo - the largest CBD development in Sydney's history.

Working in partnership with the Barangaroo Delivery Authority, Lend Lease will develop the 7.5ha Stage 1 site, providing more than 430,000sqm of new build floor area, 2.6ha of public realm and open spaces, including a 30,000sqm shopping precinct.

The project will include a waterfront promenade, a mix of commercial, retail, food and beverage, residential and cultural facilities as well as hotels and conferencing areas, civic facilities and improved transport infrastructure.

Chairman of the Authority's board, Mike Collins, said "We consider this plan to be outstanding, and are confident that it will reinvigorate and add new life to our city, reinforcing our position as a global financial hub in the Asia Pacific and creating wonderful new public waterfront places for the people of Sydney."

Lend Lease's design explores opportunities for place making by interacting with the harbour and it strongly demonstrates its land and water context by incorporating significant water elements in the overall urban structure.

"The commercial and business core has been set amid extensive public places and parks," Keneally said. "The landmark design unfurls towards the harbour through a spectacular fan of towers and a series of striking waterfront public spaces."

"Public spaces include a large southern cove, while the signature fan of buildings culminates in a landmark building perched in the harbour at the end of a public pier," she said.

These buildings are designed to evoke the tall ships from Sydney's early history.

According to the Board of the Barangaroo Delivery Authority, Lend Lease's design comprises a number of "ground breaking" sustainability initiatives that will assist in the government reaching its environmental and social sustainability objectives.

"Barangaroo is aiming to be a climate positive development and is targeting carbon neutral, water positive and zero waste outcomes," said Steve McMann, chief executive officer and managing director of Lend Lease. "By creating entire sustainable precincts we can deliver the next generation of green buildings, which can then operate with a net zero increase in greenhouse emissions. When completed Barangaroo will be one of the world's greenest global business centres."

Construction is expected to commence in late 2010.