Premier Gladys Berejiklian made the announcement following the release of the Greater Sydney Commission’s (GSC) review into the area’s planning rules.
The NSW Government has accepted the three key recommendations of the GSC report and will immediately move to amend the planning controls with a focus on jobs and economic activity to better support proposals to develop the area.
Through the revitalisation, Pyrmont and the Western Harbour precinct will become the gateway to the CBD.
The rule changes will support larger-scale development, maintain the unique heritage nature of Pyrmont and ensure the long-term livability and sustainability of the area.
Premier Gladys Berejiklian said for our city and state to continue to be the jobs capital of the nation, this area needed to be revitalised.
"The NSW Government have successfully transformed Barangaroo into a spectacular waterfront precinct and are in the midst of revitalising Central," Ms Berejiklian said.
The NSW Government will fast-track work to investigate the feasibility of building a Metro station in Pyrmont to support greater density and jobs in the area.
Planning and Public Spaces Minister Rob Stokes said the NSW Government will also ensure there is greater coordination of large-scale developments in Pyrmont, including the Powerhouse, Bays Precinct, Harbourside Shopping Centre, University of Technology Sydney expansion, the Star Casino and the existing and future Fish Market sites.
“This is a prime jobs and tourism precinct on the fringe of the CBD which will become increasingly important as our city grows," Mr Stokes said.