The design was commissioned last year and is led by Danish architects 3XN, in partnership with Sydney firms BVN and Aspect Studios.
The building will feature a timber and aluminium roof inspired by fish scales that will float over the building.
“Relocating the fish market to the new site will return Blackwattle Bay’s foreshore to the public, improve pedestrian and cycling links and connect more of Pyrmont to the water as part of the long-awaited revitalisation of the area,” Berejiklian said.
Urban Taskforce CEO Chris Johnson said the new facility will stimulate a new wave of development on the Pyrmont peninsular.
“The new fish markets will release land on the current market site for redevelopment and this can lead to a ripple effect,” Johnson said.
The venue will be home to an expanded seafood cooking school, food kiosks, restaurants, bars and outdoor spaces for social events.
Sydney Fish Market will continue to operate during construction of the new facility, which is expected to begin mid-2019, subject to approvals.
The new venue is expected to open in 2023.