Calls rise to build city heart

A RECENT push to redevelop Geelong’s Market Square into a city heart is gaining support within the region, with many local businesses getting behind and supporting the idea, including the Committee for Geelong.

The concept, started by commercial valuer Gareth Kent, would see the largely empty shopping centre acquired for public open space, transforming it into a piazza similar to Melbourne’s Federation Square.

”We have a real opportunity, while the centre is empty, to acquire it without impacting many businesses, and make it the location of Geelong’s City Heart.” Mr Kent said.

“It would be the catalyst to revitalise the entire Geelong CBD, it would provide much-needed public open space, make the place safe and inviting, making it a great place to live.

“Something like this would greatly assist the developers, who are trying to sell apartments in the CBD, whom have been unable to meet sales targets to get those developments out of the ground, the CBD is currently not providing a hospitable place to live.”

The Central Geelong Framework Plan delivered by the Victorian government in February 2023, was designed to encourage development by providing clear development controls within the CBD.

The plan was designed to support 30 years of growth enabling space for 60,000 jobs and 16,000 residents by 2050 but there has only been one privately funded development since then, funded by overseas investors.

“It is not currently viable for private development to proceed in Geelong, people will simply not buy apartments, because the offering is not good enough,” Mr Kent said.

“We have before us a great opportunity to change the Geelong CBD, and it will require significant investment from all levels of government, by thinking big and demanding our government to act now, we can use the powers of the Compulsory Land and acquisition Act, to acquire Market Square for public purpose.”

He also highlighted Geelong is Australia’s only UNESCO City of Design, and he would like to see the final design of the Geelong City Heart reflect this.

The design could include a natural amphitheater for use by diverse cultural groups and be used by the City of Greater Geelong marketing team to host artists and events.

“What is required is similar thinking and investment that our city applied to the development of the Geelong waterfront,” Mr Kent said.

The community has rallied behind the concept, with Mr Kent’s petition garnering more than 600 signatures in recent weeks.

Mr Kent said the redevelopment would provide Geelong with an essential focus point and a trigger that developers could “hitch their wagons to” and get them building apartments.

Gross realisation within Geelong hasn’t changed from 2019, resulting in construction costs outweighing the return.

“Developers are crying out for help and they’re crying out for a reason to build in Geelong,” Mr Kent said.

For this to happen, Market Square would need to be purchased through compulsory acquisition.

Mr Kent estimated this would cost between $200 million to 300 million, with funding needed from all levels of government.

However, for Geelong’s inner-city population to increase, Mr Kent said this investment was a must.

“We’re not going to have inner-city living when developments aren’t feasible because the location isn’t hospitable, we need to be doing something and it’s time.”

For more information and to sign the petition, head to chng.it/SPr5pnZRHx