A planned 77ha urban regeneration district less than 4km from Sydney CBD will include a new railway station, affordable housing, the renovation of a 1912 power station, and rezoning.

The community endorsed the Bays West place strategy, which this week was confirmed, advancing the harbourside district onto the masterplan phase.

The masterplan, which will be publicly released the following year, will include information on rezoning for the White Bay Power Station and metro sub-precinct as well as building heights and densities.

With Sydney apartments costing up to $824,860, the present problem in affordable housing driving projects forwards, and the prospect for more build-to-rent developments, this would be a significant opportunity for developers.

Additionally, there may be potential for brand-new hotels to "be constructed near the White Bay Cruise Terminal to provide an incredible arrival experience and capitalise on the tourism economy."

The Sydney Fish Market and Blackwattle Bay, among other projects in The Bays, are connected to the district.

With Sydney apartments reaching to $824,860, the present problem in affordable housing driving projects forwards, and the prospect for more build-to-rent developments, this would be a significant opportunity for developers.

Additionally, there may be potential for brand-new hotels to “developed at the White Bay Cruise Terminal to create an amazing arrival experience and capitalise on the tourist economy”

The Sydney Fish Market and Blackwattle Bay, among other projects in The Bays, are connected to the district.

“The success of Bays West will depend on careful consideration of key priorities for the precinct,” the consultation summary said.

Beginning with Hunter Street Station, which was inaugurated in early November, the new rapid line Sydney Metro West will connect the CBD with Parramatta. The Bays Station will be a stop on this route.

Since Bays West is the last deep water and land interface of Sydney Harbour, the maritime and port uses would continue there.

The Anzac Bridge Access Road will be surrounded by groups of highly dense projects in the Bays West Structure Plan 2040 and beyond, while the port infrastructure will be integrated with the public arena.

Additionally, there were proposals to build Rozelle Parklands, which would have increased the future benefits of low-density houses in Rozelle and Lilyfield, between the City-West Link Road and Easton Park.