“The University City of the Future will act as a catalyst for economic growth, innovation and jobs creation – particularly in the vital areas of health and well-being, digital and cyber innovation, and agriculture, food and fibre,” La Trobe University’s vice-chancellor John Dewar said.
The new university city will feature a number of distinct development precincts.
Among them will be a research and innovation precinct, focusing on agriculture, food and fibre, health and wellbeing and digital technologies and cybersecurity, and a health and wellbeing precinct with a new private hospital, operated by Healthscope.
“The University City of the Future is a game changer for Melbourne’s north and has the potential to create 20,000 jobs and drive $5 billion in investment over the next ten years,” Victorian industry and employment minister Ben Carroll said.
“Victoria has some of the best universities in the world – this development will help to cement that reputation and drive economic growth for our northern suburbs.”
A new suburban rail link, including a new La Trobe station, will also feature at the University’s Bundoora campus.
Victoria’s planning minister Richard Wynne also signed a planning amendment to allow for the University’s $400 million Health and Wellbeing Hub and the Research and Innovation Precinct.
Construction is expected to start late-2019.