LandCorp has opened the call for builders to develop the first release of lots at the Springs estate in Rivervale.
The expressions of interest process includes the release of three medium density residential sites and two mixed use sites over 1.6 hectares.
Design guidelines ensure a range of building heights of between two and six storeys, with a major commercial site on the corner of Graham Farmer Freeway and Great Eastern highway having the potential of up to 15 storeys.
Builders and developers will be selected on certain criteria, including experience and capability.
Lands Minister Brendon Grylls said the estate was set to become one of the most innovative residential commercial developments in the metropolitan area.
"This key site has the position and potential to attract some of the most creative developers in Australia," Mr Grylls said in a statement.
When complete, Springs Rivervale will comprise more than 1,00 homes and 40,000 metres of commercial space.
Expressions of interest close in late July.