Brief: MacroPlan was commissioned by Melbourne City Council to analyse the costs and benefits of a mixed use development that could accommodate the Commonwealth Games Village and create a new major central park for Melbourne. The site extended along the rail corridor from Federation Square to the Melbourne Cricket Ground (MCG) and through to Punt Road.
Methodology: Demand analysis formed a key assessment component of the project. This analysis included identification of current and future demand for alternative land uses from a national, regional and local perspective including residential, commercial (including office), retail and hotel.
The MacroPlan team integrated a Triple Bottom Line Analysis to evaluate the level of benefit associated with the proposal at three levels - social, environmental, and economic. A Benefit Cost Assessment (BCA) formed the primary analysis with a supplementary Impact Analysis complementing the findings of the BCA.
Result: A positive benefit cost ratio of was identified through the development of Melbourne Central Park and integration of the development with Melbourne’s CBD.
Benefits included increased capacity and access for major events; consolidation of Melbourne’s Major Parkland; reduced metropolitan infrastructure requirements; improved viability of Federation Square; new residential/ lifestyle choice; improved CBD viability for retail; improved viability of public transport; decreased fringe trunk infrastructure requirements and decreased journey to work costs.