The Council-owned Cross Street carpark will be transformed through a joint venture between Axiom and construction and development company Built.
The $200 million mixed-use property will include a 10-theatre Palace cinema complex, retail, residential apartments, public and private car-parking and other facilities.
The announcement comes following a two-year expressions of interest campaign run by Council, now allowing Axiom and Built to enter into exclusive, direct negotiations.
The proposal will now go before public consultation.
Pictured: draft concept image only, supplied by Woollahra Council.
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