BDP landed the job after a six-month competition that was whittled down to a field of five finalists, including the ING team. In the end, two contenders were left standing, before the BDP-Hassell design was chosen over a submission by local developer MAB.

Situated on the last and largest of Melbourne's developable waterfront sites, the project's design consists of a major square fronted by marina and ferry facilities. Waterfront City will include 164,000 sf of outlet retail, more than 400 residential units and entertainment space. The concept is based on two streets linking waterfront retail to an entertainment area deep in the site. The outlet, or "Brand Direct" retail, as it is known in Australia, will be located in between. A hotel, offices and a fire station are also part of the master plan. Single-level parking as well as decked garages within office structures are also planned.

Completion of the development is scheduled to coincide with the 2006 Commonwealth Games. Several key buildings will be designed by BDP with Hassell serving as executive architect. Hassell. The remaining buildings will be designed by Hassell.