Premier Campbell Newman today announced stage two of the $2.9 billion Brisbane Showgrounds regeneration project, which includes construction of the vibrant King Street precinct, a four star international hotel, 40 retail and food outlets and 408 new residencies.

Premier Newman said the project will create more than 1,400 jobs and generate more than $300 million a year for the Queensland economy.

“Not only will this create more than 1,000 jobs,” said Mr Newman, “but it will provide a significant boost to the economy both now and into the future.

“This is one of Brisbane’s best known landmarks and it’s exciting to see such a quality transformation. This is truly a sign of confidence in the construction industry, one of the four pillars of the Queensland economy.”

Due for completion in 2016, the 300 metre King Street will link St Paul’s Terrace and Gregory Terrace with Brisbane’s new inner city hub.

RNA chief executive Brendan Christou says King Street will have a game-changing effect on the 139-year-old showgrounds.

“King Street will transform the showgrounds by opening the site up and connecting it to surrounding residents and businesses, the hospital precinct and Fortitude Valley,” says Mr Christou.

Lend Lease project director Andrew Hay says his company is committed to delivering outstanding public facilities to King Street, both for residents and visitors.

“King Street will bring creative, passionate traders together with familiar retailers who collectively meet the everyday needs of residents, office workers and visitors.”

The first 208 apartments of Lend Lease’s residential offering on King Street, The Yards, will be released for sale this Saturday September 27.

“Lend Lease has delivered thousands of award winning apartments in great places,” says Mr Hay, “each with quality and responsive design as key priorities — The Yards will stand proudly amongst these with its distinctive offering.”

401 residences will make up The Yards across 16 and 18 level towers, and 11 terraces. Designed by award-winning architects Hayball, The Yards features state-of-the-art kitchens and floor plans that maximise breezes, views and natural light and a 2,500 square metre podium retreat with over 20 wellness and entertainment hubs. The Yards is expected to start construction in mid-2015 for completion in early 2017.

Another key feature of King Street will be the $50 million, 208 room, four star Rydges international hotel, developed by a consortium comprising of Phillip Wolanski’s Denwol Group (Sydney) and Stewart Baron’s Baron Corporation (Melbourne).

King Street will be a staged delivery, with the first two blocks and up to 15 retail outlets set to be opened upon the completion of commercial tower Kings Gate One and residential apartments The Green by mid-2015.