Lend Lease will carry out a $1 billion revamp of Sydney's convention and entertainment centre precinct in a public private partnership with the NSW government.
Lend Lease will work with Infrastructure NSW to design, construct, finance and operate the Convention and Exhibition Centre at Darling Harbour and nearby Sydney Entertainment Centre in the CBD, the construction group said on Tuesday.
The project also includes the development of a five hectare site adjacent to the entertainment precinct that will include a hotel, apartments, student accommodation, retail, offices and a car park.
Lend Lease will invest 50 per cent of the equity in the project, alongside hospitality and tourism superannuation fund HOSTPLUS.
Debt will be provided by a syndicate of local and overseas banks.
Work is expected to begin in December 2014.
Lend Lease is also behind another major development in Sydney, the Barangaroo development on the city's harbourside.