The University City of the Future project is projected to create more than 20,000 new jobs and $2.49bn in GRP over the next ten years. Credit: La Trobe University.

La Trobe University has partnered with the Victoria Government to accelerate the development of the A$5bn ($3.56bn) University City of the Future on its Melbourne campus at Bundoora in Australia.

Victoria Industry and Employment Minister Ben Carroll has officially launched the University City of the Future plan, which envisages the development of the 235ha campus into a hub for jobs and economic development in Melbourne’s North.

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Under the partnership, La Trobe intends to convert the campus into a multi-precinct, City of the Future. The project is expected to deliver more than 20,000 new jobs and A$3.5bn ($2.49bn) in Gross Regional Product (GRP) over the next decade.

The partners will jointly fund A$2m ($1.42m) scoping and feasibility study designed to fast-track investment in the University City.

La Trobe vice-chancellor professor John Dewar said: “The official launch of the City of the Future signals a significant new step forward with Government to transform our Bundoora campus into a thriving University City of the Future, which 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.

“We are turning our campus ‘inside out’, welcoming our local communities to new and dynamic spaces.”

“We are turning our campus ‘inside out’, welcoming our local communities to new and dynamic spaces, where community, industry, students and staff will work, live and learn.”

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The project seeks private investment into seven development sub-precincts, including a research and innovation area, education facilities for more than 40,000 university students, and new residential accommodation for 12,000 residents.

La Trobe also intends to build an expanded private hospital as part of broader plans to create a major new Health and Wellbeing Hub, which will house aged care, childcare and super-clinic facilities.

Furthermore, the study will focus on garnering investment for the development of a new city centre comprising commercial, retail and cultural facilities.

Another key feature of the scoping study is finalising the third stage of La Trobe’s A$150m ($107m) Sports Park.

Meanwhile, the state government pledged to build a new suburban rail link, including a new La Trobe station at the University’s Bundoora campus, as part of its election commitments.