Plans for a new bus exchange and arcade at Birchalls in Launceston will go ahead even if a private development tied to the project falls through, says the City of Launceston council.
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Mayor Albert van Zetten said while council was confident the private development would be completed, if it wasn't the bus exchange would still go ahead.
The council have received 10 million in federal funding and a 6 million no interest loan from the state government for the project.
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Plans also include the construction of a walkway between the bus exchange and the Brisbane Street Mall.
Cr van Zetten said the location was perfect for a bus exchange and would unlock the potential for St Johns Street to be redeveloped.
Liberal Bass MHR Bridget Archer said the government was proud to support the project.
"It does exactly what we want the Building Better Regions Fund to do, which is to create stronger jobs and investment in regional Australia," she said.
She said the federal funding has been directed to the council and not the private investors.
Northern Tasmania Development Corporation chief executive officer Mark Baker said the development would inspire confidence in the North.
"Anyone familiar with Birchalls will know there have been various developments mooted but not brought to fruition," he said.
"This is seeing that development figuratively and literally come out of the ground."
Launceston Chamber of Commerce and Industry chief executive officer Neil Grose said the investment in public transport would help revitalise the Launceston CBD.
"The more you can get people into the CBD the more you can make the CBD an exciting place the more it will drive business," he said.
"This is an exciting development."
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