Mirvac Group (ASX:MGR) was selected as the preferred developer in a project delivery agreement with Infrastructure NSW for the redevelopment of the old Sydney Fish Market site, according to a Tuesday statement from the company.

The company said it will work to shape the 3.6-hectare site into a mixed-use precinct as part of the wider Blackwattle Bay urban renewal. It will include over 1,400 homes, commercial and retail, and 26,000 square meters of public domain area.

The project is expected to be delivered over multiple stages, with early works on the site expected to start in 2027, works on the housing component expected in 2028, and completion expected in 2033. First settlements on the housing component are expected in 2030.

The company said it will target a net zero carbon precinct in line with its sustainability targets, including a 55% reduction in embodied carbon. It will also partner with the Sydney Institute of Marine Sciences to undertake nature-based intervention to improve water quality, introduce circularity to reuse and reduce waste, and improve biodiversity on site.