The financials are being firmed up on plans for a mini-city and new research and development hub at East Werribee.
State finance minister Robin Scott said last week the Australian Education City consortium has six months to progress its application for the East Werribee Employment Precinct.
The Australian-owned education consortium was one of five bidders for the 1.5 million square-metre site, with former premier John Brumby part of the bidding team.
It now has until February 15 next year to finetune its plans and secure supporters, which include Chinese and European universities and a number of Fortune 500 companies.
The consortium’s website shows a mini-city with apartment blocks as high as 50 storeys, higher education centres and a research and development hub at the site.
More than 70,000 full-time jobs and 30,000 dwellings are estimated.
And a lakeside entertainment precinct is also on the drawing board.
The state government is now assessing the viability of the proposal – including the financials – via a rigorous approval process, before signing off on a contract.
Mr Scott said the interest shown in the project confirms that Wyndham is a very sought-after place to invest.
“This is a large and complex project and we want to make sure we get it right,” he said.