The state government has endorsed designs by developers Leighton Properties and Mirvac Group for the final piece of land at the Perth City Link.
The consortium was originally named as the frontrunner to develop the state government’s 5.1-hectare landholding in July last year.
A formal contract is expected to be signed early next year, with construction likely to start in 2015.
Planning Minister John Day said the design would incorporate a hotel, offices, shops, cafes, bars and apartments, as well as new public space.
He said the private sector was expected to invest about $3 billion on the site.
“This investment will create hundreds of direct and indirect jobs during construction, bolstering the WA economy,” Mr Day said in a statement.
“The total number of people who will live and work at the Link once complete will be equivalent to the current population of Broome, some 16,500 people.”
Mirvac Group commercial chief executive David Rolls said the project would be the fifth joint venture between the two developers.
“As a result, we have a strong proven track record of working together,” he said.
The state government’s landholding is part of the larger 13.5ha City Link project, which includes four major office developments at Kings Square currently under construction by John Holland and Broad Construction on behalf of Leighton and DEXUS Property Group.
Underground rail works to facilitate the development were completed six months ahead of schedule.
Mr Day released plans for the City Square precinct of the project in November, which include a town square about twice the size of Forrest Place.
Once complete, the City Link will comprise more than 1,000 new apartments and 150,000 square metres of office and retail space.
“Perth City Link will fundamentally change the way many Western Australians engage with our city,” Mr Day said.