Lend Lease has unveiled the first stage of its $2.9 billion community at the RNA Showgrounds in Brisbane.

The transformation of Brisbane's historic RNA Showgrounds is the biggest urban renewal project undertaken in the city in more than two decades.

Stage One includes 'Showground Hill', the residential, commercial and retail component of the overall project.

An artist's impression of the Convention Centre at the new development, courtesy of Lend Lease

The Premier joined RNA chief executive Jonathan Tunny and Lend Lease head of development David Rolls to announce the design.

The premier said it is a massive boost for the Queensland economy. It is the largest urban renewal project undertaken in Brisbane since Expo 88 and the South Bank development and it marks an exciting new chapter in Brisbane’s future.

Image courtesy Masters Communication

Upon completion, it will be home to 3,000 residents and 15,000 workers and is expected to contribute an average of $295 million to the local economy every year for the next 18 years.