NORWICH Plaza is set to take on a futuristic 21st Century appearance featuring an outside public art wall showing images of bygone Ballarat.
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The $1 million facelift could also involve a possible sponsorship tie-in with Sovereign Hill which would see the new-look shopping centre take on its name.
The proposed Sovereign Hill Shopping Centre could then act as a city centre tourism office for the museum with Sovereign Hill traders mingling with shoppers.
The revamp is designed to complement the planned Bridge Mall makeover and the redevelopment of Grenville St.
Victorian managing director of Godfreys vacuum cleaner specialists, Tom Krulis, and David Wright of Jens-Gaunt Real Estate, are the driving forces behind the new concept.
Mr Krulis and Mr Wright are also in talks with a major clothing store about it becoming the main anchor tenant.
An informal lunch was held at Ballarat City Council on Friday when Sovereign Hill CEO Jeremy Johnson was approached about the new centre taking on a goldrush theme, including full naming rights for Sovereign Hill.
But Mr Johnson said the museum had not had a chance to properly consider the sponsorship proposal.
"We've got to look at how Sovereign Hill is promoted but we don't want to confuse the marketplace," he said.
Mr Krulis commended Mayor David Vendy for suggesting the Sovereign Hill theme.
"We are looking at giving this building back to the people, reflecting Ballarat's great historical links but in a contemporary sense," he said.
"We have offered naming rights to the building and the adjacent walkway to Sovereign Hill and they have gone away to consider the proposal.
"Ballarat is buzzing at the moment and we have been caught up in that."
Mr Wright said he was very positive about the future of the Ballarat economy and that was reflected in the strength of retail optimism.
Mayor David Vendy said the images on the outside of the building, created on perforated aluminium sheeting, would bring a new dimension to Ballarat.
"Sovereign Hill is very keen about getting advertising on the building and they are actually talking about having a theme inside as well," he said.
"The whole Norwich Plaza would actually become a little bit like a Sovereign Hill tourism bureau."
Bridge Mall Centre manager David Nolan said he had been made aware of the plans, which sounded "very exciting".
"We would be very supportive and we think this would be a positive thing for the area," he said.