As part of a $1 billion redevelopment, a huge new public park will be built at 447 Collins Street. The proposed 1900-square-metre park is as big as City Square on Swanston Street.

Melbourne City Council has released designs of the park ahead of approving the project next week. Features include bluestone paths, space for events, water features and improved access to public transport. The Future Melbourne Committee will consider the designs on Tuesday.

New planting at the park will incorporate “water-sensitive urban design” to reduce stormwater run-off.

It will be built on 1381 square metres of what was formerly Market Street, half of which has been closed to cars to make way for the parkland. It’s the first new sizeable addition of public space added to Melbourne’s CBD since 1980.

“It’s incredibly rare to design a new public park in the CBD, especially of such size and quality,” says Lord Mayor Sally Capp in a statement.

Formerly home to the National Mutual building, Cbus Property is building its Collins Arch development on the site. Some have dubbed the twin-towered development the “pantscraper”. The 42-level towers will contain apartments, offices and a five-star hotel.