Following the failed Apple Store experiment, the City of Melbourne has said it will invest $22 million to make Federation Square a premier civic space featuring a new public library and revamped Koorie Heritage Trust if it is appointed manager of the iconic public site.
This amount includes investing $15 million in relocating City Library to Fed Square along with the $7 million for the Koorie Heritage Trust.
"The State Government's recent review of Federation Square has galvanised ideas for this civic space and the opportunity for the City of Melbourne to step up as manager," says lord mayor Sally Capp.
"We have a proven track record of delivering major events – Moomba, New Year celebrations, Melbourne Music Week, Melbourne Fashion Week - to name just a few. We have the talent and experience to bring Melburnians back to Fed Square."
"This much needed investment would preserve the cultural and civic value of this iconic Melbourne space and attract hundreds of thousands of visitors," says the lord mayor.
"This is a once-in-a-generation opportunity to create a new benchmark for Australian libraries and celebrate our city's indigenous history."
Under the proposed arrangement, City of Melbourne would manage the site, including tenancies, maintenance and activation.
Deputy Lord Mayor Arron Wood said the proposal would cement Federation Square as a community meeting place and cultural hub.
"Melburnians have been loud and clear about what they want for Federation Square – they want this iconic site to be about people, civic and cultural engagement and for it to be a true 'people's square.”