"Barangaroo is one of the most valuable city waterfront opportunities anywhere in the world. We are honoured to be working in partnership with the Authority, the NSW Government and the people of Sydney to realize the full potential of this unique site," says Steve McCann, CEO and managing director of Lend Lease.

The mixed-use project will combine office, retail, multi-family, lodging and civic facilities. Lend Lease's portion of the development will encompass 18.5 acres. Construction will begin in the second half of 2010.

"Barangaroo is aiming to be a climate positive development and is targeting carbon neutral, water positive and zero waste outcomes. By creating entire sustainable precincts we can deliver the next generation of green buildings, which can then operate with a net zero increase in greenhouse emissions. When completed Barangaroo will be one of the world's greenest global business centers," McCann says.

Lend Lease has also agreed to "the delivery of public domain, infrastructure and water front amenities on the site; and an additional payment to the State based on a share of the project's financial success."