Under the City of Sydney's plan, the Cahill Expressway and monorail would be demolished and a new convention centre would be built over the rail tracks at Central Station.
George Street would be transformed into a pedestrian boulevard with three city squares and a light rail system, and parking space would be cut.
The Western Distributor would be buried under a large park that would be built at Darling Harbour and Circular Quay railway station would be moved.
The plan aims to make the city more sustainable by reducing traffic, creating new parks and public spaces, increasing public transport and generating its own electricity through a number of natural gas transformers.
Cooperation
The City of Sydney will not put a cost on the massive overhaul but Lord Mayor Clover Moore says it can only be realised with the cooperation of both the state and federal governments.
Councillor Moore says she has already had positive discussions about the plan with New South Wales Premier Morris Iemma.
Mr Iemma has described aspects of the proposal as ambitious but says many of its goals are similar to those of the State Government.
"There are many aspects of the plan where we can work together and that would enhance the credibility of her vision and ours," he said.
But his Government says it is absolutely opposed to light rail because it will not ease congestion.
Cr Moore says she will also discuss the draft plan with the Federal Government.
"I already have a commitment to meet with the federal Transport Minister, Anthony Albanese, and next month I have a meeting with the Prime Minister," she said.
State Opposition Leader Barry O'Farrell has also described the vision as "a first-class plan that offers the potential for a more vibrant city".
Private sector opportunities
The executive director of the Sydney Chamber of Commerce, Patricia Forsythe, says the plan is bold and visionary. She says it is a good opportunity for the private sector.
"There are going to be many projects that I believe will be PPPs [private-public partnerships] and others that will involve strong private investment," she said.
Greens Councillor Chris Harris says the plan will greatly reduce traffic congestion and increase levels of affordable housing.
Stephen Looseley, from the Committee for Sydney lobby group, has also offered support.
"It's seeking an intelligent balance between private sector engagement and public amenity," he said.
The council has not had a new strategic plan since 1971.
Many aspects of the City of Sydney's plan - including demolishing the Cahill Expressway, pedestrianising George Street and pulling down the Western Distributor -have been raised before.
Plans to build a convention centre over the rail tracks of Central Station and creating a large park at Darling Harbour are new ideas.
Source: By Australian Broadcasting Corporation
